/raid1/www/Hosts/bankrupt/TCR_Public/220208.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, February 8, 2022, Vol. 26, No. 38
Headlines
3200 MYERS STREET: Taps Goe Forsythe & Hodges as Bankruptcy Counsel
3200 MYERS STREET: Taps Robert Mosier of Mosier & Company as CRO
ACTIVA RESOURCES: Files Emergency Bid to Use Cash Collateral
ALABAMA INJURY: Amends Dana Hartley Claims Pay Details
ALVOGEN PHARMA: Moody's Cuts CFR to B3, Alters Outlook to Stable
APEX TOOL: S&P Upgrades ICR to 'B-' on Decreased Default Risk
AVERY ASPHALT: March 16 Disclosure Statement Hearing Set
BATH & BODY: Egan-Jones Hikes Senior Unsecured Ratings to BB
BED BATH: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
BITNILE HOLDINGS: Lowers Equity Stake in Houston American to 2.5%
BLACKBERRY LIMITED: Egan-Jones Keeps CCC Senior Unsecured Ratings
BOYD GAMING: Moody's Hikes CFR to B1, Senior Secured Debt to Ba2
CARESTREAM HEALTH: Moody's Affirms B3 CFR, Alters Outlook to Neg.
CARNIVAL CORP: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
CENTRO NGD HOLDINGS: Case Summary & 15 Unsecured Creditors
CONWAY COURT: Seeks Cash Collateral Access
CORP GROUP: Committee Asks Court to Terminate Exclusivity Period
CREATIVE HAIRDRESSERS: No Penalty for Delay of Wages
CRESCENT ENERGY: S&P Assigns 'B' ICR, Outlook Stable
DBMP LLC: Settlemyer Parties Must File Report on Ch. 11 Case
DELL INC: Egan-Jones Keeps Senior Unsecured Ratings to BB-
DOUBLE EAGLE: Case Summary & 12 Unsecured Creditors
EAGLE GARDEN: Voluntary Chapter 11 Case Summary
EDUCATION FUTURES: Vista College Plans to Sell Student Loans
ENCOMPASS HEALTH: Moody's Puts Ba3 CFR Under Review for Downgrade
EXCO RESOURCES: 5th Cir. Junks Royalty Interestholders' Appeal
EXPRESS GRAIN: Coleman Asks Court to Convert Case to Chapter 7
GAP INC: Egan-Jones Cuts Senior Unsecured Ratings to B+
GBG USA: Unsecureds to Get Share of Litigation Trust Proceeds
GEORGE WESTON: Egan-Jones Keeps BB Senior Unsecured Ratings
GLOBAL TRAVEL: Case Summary & 20 Largest Unsecured Creditors
GPMI CO: U.S. Trustee Appoints Creditors' Committee
GRUPO AEROMEXICO: Davis Polk Served as Lead Counsel in Chapter 11
GULF COAST HEALTH: Seeks to Hand Over Last Nursing Facility
GUNSMOKE LLC: Court Converts Front Range's Case to Chapter 7
GVS TEXAS: Updates Unsecured Claims Pay Details
HEILUX LLC: Wins Cash Collateral Access Thru June 28
HERTZ CORP: Appoints Goldman's Stephen Scherr as CEO
HILLENBRAND INC: Egan-Jones Hikes Senior Unsecured Ratings to BB+
INTELSAT JACKSON: Davis Polk Advised Agents in Private Placement
INTERDIGITAL INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
INTERTAPE POLYMER: Egan-Jones Keeps BB Senior Unsecured Ratings
JACK IN THE BOX: Egan-Jones Keeps B- Senior Unsecured Ratings
JOHNSON & JOHNSON: Faces Push for Global Ban of Talc Baby Powder
JOHNSON & JOHNSON: Too Late to Block Story Over Atty Leak Claim
JOHNSON & JOHNSON: Tries to Block Reuters Story Publication
KNOX CLINIC: Ends Contract w/ Dr. DeYoung After Chapter 11 Filing
KOHL'S CORPORATION: Egan-Jones Keeps BB Senior Unsecured Ratings
LATAM AIRLINES: Azul Says Merger Plan Better
LATAM AIRLINES: Plan 'Patently Unconfirmable,' Says Committee
LAW OFFICES OF BRIAN WITZER: Unsecureds Will Get 1.5% in 5 Years
LIVEWELL ASSISTED: Case Summary & 20 Largest Unsecured Creditors
LOBLAW COS: Egan-Jones Keeps BB+ Senior Unsecured Ratings
LTL MANAGEMENT: Can't Exclude Medicare Claims, Feds Say
MACY'S INC: Egan-Jones Hikes Senior Unsecured Ratings to BB-
MAMTEK U.S.: Bankruptcy Nears End After 10 Years in Court
MCKESSON CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB
MERCYHURST UNIVERSITY: S&P Affirms 'BB' Rating on 2016 Bonds
MERITOR INC: Egan-Jones Keeps BB Senior Unsecured Ratings
MLK ALBERTA: Wins Cash Collateral Access
MOUNTAIN PROVINCE: To Seek OK for New Loan at Feb. 28 Meeting
NAPA MANAGEMENT: Moody's Ups CFR to B2, Rates $610MM Term Loan B2
NEOVASC INC: Wins Dismissal of Securities Class Action Complaint
NEXTIER OILFIELD: S&P Alters Outlook to Positive, Affirms 'B' ICR
NORTONLIFELOCK INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
OCEAN VIEW MOTEL: Court Confirms 2nd Modified Plan
OUTFRONT MEDIA: S&P Alters Outlook to Positive, Affirms 'B+' ICR
PARTNERS A TASTEFUL: Has Final OK to Access Cash Collateral
PATH MEDICAL: March 17 Disclosure Statement Hearing Set
PATTERSON COS: Egan-Jones Keeps BB Senior Unsecured Ratings
PLUTO ACQUISITION: S&P Alters Outlook to Stable, Affirms 'B-' ICR
POST HOLDINGS: Egan-Jones Keeps B Senior Unsecured Ratings
PT PAN BROTHERS: Chapter 15 Case Summary
PURDUE PHARMA: Asks Court for Another Opioid Suit Freeze Extension
REDONDO CONSTRUCTION: Court OKs Lord's $1.3M Interest Computation
RITE AID: Egan-Jones Keeps CCC Senior Unsecured Ratings
RIVER HILL: Court Terminates Exclusivity Period
RLCH INC: A&G Completes Bankruptcy Sale of Barclay Tower
ROCKDALE MARCELLUS: Creditors to Get Proceeds From Liquidation
ROHRIG INVESTMENTS: Claims for Fraud vs Knuckle Remains
SEANERGY MARITIME: Provides Guidance on TCE, EBITDA
SENIOR CARE: U.S. Trustee Unable to Appoint Committee
STONE CLINICAL: U.S. Trustee Appoints Creditors' Committee
STONEX GROUP: Egan-Jones Keeps B+ Senior Unsecured Ratings
TARGA RESOURCES: Moody's Puts Ba1 CFR Under Review for Upgrade
TEAM SYSTEMS: Seeks to Hire Robinson & Cole as Legal Counsel
TELEXFREE LLC: Evidentiary Hearing Needed in Ponzi Victims' Suit
TILDEN MARCELLUS: Seeks $13.2M DIP Loan from White Oak
TLG CAPITAL: Unsecureds Will Get 14% of Claims in 60 Months
TPC GROUP: Fitch Cuts LT IDR to 'C', Reflects Payment Grace Period
UNITED WAY: Case Summary & Nine Unsecured Creditors
VAN CORTLANDT: Dismissal of Shareholder Suit vs Meridian Upheld
VECTOR GROUP: Egan-Jones Keeps CCC Senior Unsecured Ratings
VERINT SYSTEMS: Egan-Jones Keeps B+ Senior Unsecured Ratings
VEWD SOFTWARE: Joint Prepackaged Plan Confirmed by Judge
VIASAT INC: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
WENDY'S CO: Egan-Jones Hikes Senior Unsecured Ratings to B
WESTERN ROBIDOUX: Boehringer Ingelheim's Bid to Junk Suit Denied
[*] Bankruptcy Filings Down 24% in Calendar Year 2021
[] U.S. Trustee Asks Supreme Court to Review Chapter 11 Fee Refund
[^] Large Companies with Insolvent Balance Sheet
*********
3200 MYERS STREET: Taps Goe Forsythe & Hodges as Bankruptcy Counsel
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3200 Myers Street Partners, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire Goe
Forsythe & Hodges, LLP to serve as legal counsel in its Chapter 11
case.
The firm's services include:
(a) advising and assisting the Debtor with respect to
compliance with the requirements of the Office of the U.S.
Trustee;
(b) advising the Debtor regarding matters of bankruptcy law,
including the rights and remedies of the Debtor with respect to its
assets and claims of creditors;
(c) representing the Debtor in any proceedings or hearings in
the bankruptcy court and in any actions in other courts where its
rights under the Bankruptcy Code may be litigated or affected;
(d) conducting examinations of witnesses, claimants, or
adverse parties and preparing reports, accounts and pleadings
related to the Chapter 11 case;
(e) advising the Debtor concerning the requirements of the
Bankruptcy Code and applicable rules as the same affect the Debtor
in the proceeding;
(f) assisting the Debtor in the negotiation, formulation,
confirmation, and implementation of a Chapter 11 plan of
reorganization;
(g) making any bankruptcy court appearances on behalf of the
Debtor; and
(h) performing other necessary legal services for the Debtor.
The firm's hourly rates are as follows:
Robert P. Goe, Esq. $545 per hour
Marc C. Forsythe, Esq. $545 per hour
Ronald S. Hodges, Esq. $575 per hour
Charity J. Manee, Esq. $395 per hour
Reem Bellow, Esq. $550 per hour
Britney Bailey $190 per hour
Arthur Johnston $195 per hour
Kerry A. Murphy $195 per hour
Lauren Gillen $170 per hour
The Debtor paid the firm a retainer fee in the amount of $75,000.
Robert Goe, Esq., the firm's attorney who will be providing the
services, disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Robert P. Goe, Esq.
Goe Forsythe & Hodges LLP
18101 Von Karman Avenue, Suite 1200
Irvine, CA 92612
Tel.: (949) 798-2460
Fax: (949) 955-9437
Email: rgoe@goeforlaw.com
About 3200 Myers Street Partners
3200 Myers Street Partners, LLC, a company in Costa Mesa, Calif.,
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-10057) on Jan. 14,
2022, disclosing up to $10 million in both assets and liabilities.
Robert P. Mosier, chief restructuring officer, signed the petition.
Judge Scott C. Clarkson oversees the case.
The Debtor tapped Goe Forsythe & Hodges, LLP as its legal counsel
and Mosier & Company, Inc. as its restructuring advisor. Robert
Mosier, president and chief executive officer of Mosier & Company,
serves as the Debtor's chief restructuring officer.
3200 MYERS STREET: Taps Robert Mosier of Mosier & Company as CRO
----------------------------------------------------------------
3200 Myers Street Partners, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire
Mosier & Company, Inc. as its restructuring advisor and designate
Robert Mosier, president and chief executive officer of the firm,
as its chief restructuring officer.
The firm's services include:
(a) overseeing all aspects of the Debtor's operations and
Chapter 11 proceedings with the goal of guiding the Debtor towards
a successful exit of its bankruptcy case;
(b) directing and managing the operations of the Debtor and
directing counsel in connection with the Debtor's bankruptcy case
as well as litigation and other matters involving the Debtor;
(c) providing accounting and consulting services to the Debtor
to the extent necessary and appropriate;
(d) managing reporting requirements pertaining to the
bankruptcy court and the U.S. Trustee's office, including monthly
operating reports, and cash flow projections;
(e) assisting with negotiating and serving as a liaison
between the Debtor and its creditors or their representatives;
(f) assisting with the development of a plan of
reorganization;
(g) evaluating any executory contracts and unexpired leases;
(h) assisting in the evaluation and analysis of avoidance
actions and causes of action; and
(i) overseeing analysis of creditors' claims.
The firm's hourly rates are as follows:
Robert P. Mosier $425 per hour
Staff $55 - $325 per hour
The Debtor paid the firm a retainer fee in the amount of $75,000.
Mr. Mosier disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
Mosier & Company can be reached at:
Robert P. Mosier
Mosier & Company, Inc.
3151 Airway Avenue, Suite A-1
Costa Mesa, CA 92626
Tel: 714-432-0800
Fax: 714-432.7329
Email: info@mosierco.com
About 3200 Myers Street Partners
3200 Myers Street Partners, LLC, a company in Costa Mesa, Calif.,
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-10057) on Jan. 14,
2022, disclosing up to $10 million in both assets and liabilities.
Robert P. Mosier, chief restructuring officer, signed the petition.
Judge Scott C. Clarkson oversees the case.
The Debtor tapped Goe Forsythe & Hodges, LLP as its legal counsel
and Mosier & Company, Inc. as its restructuring advisor. Robert
Mosier, president and chief executive officer of Mosier & Company,
serves as the Debtor's chief restructuring officer.
ACTIVA RESOURCES: Files Emergency Bid to Use Cash Collateral
------------------------------------------------------------
Activa Resources, LLC and Tiva, LLC ask the U.S. Bankruptcy Court
for the Western District of Texas, San Antonio Division, for
authority to, among other things, use cash collateral and provide
adequate protection.
The Debtors have a critical need to obtain and use cash in order to
continue the operation of their business.
On August 17, 2007, Activa, as borrower, entered into a Credit
Agreement with Texas Capital Bank, N.A., as lender.
As of September 15, 2011, Activa entered into an ISDA Master
Agreement with Cargill, Inc. As of December 27, 2011, Activa,
Cargill, and Texas Capital entered into an Intercreditor Agreement
to establish the relative priorities with respect to Activa's
payment of its obligations under the Credit Agreement and the
Hedging Agreement. Under the Intercreditor Agreement, Texas Capital
agreed to act as Collateral Agent for both the Lender and Cargill.
Pursuant to the Twenty-First Amendment to the Credit Agreement,
effective as of June 13, 2018, and other Loan Documents executed in
connection therewith, Tiva agreed to guarantee the indebtedness
owed by Activa under the Loan Documents. Approximately $10.2
million was due and outstanding under the Loan Documents as of the
Petition Date.
As adequate protection, the Debtors seek to grant adequate
protection to Texas Capital, subject and subordinate to the Carve
Out, consisting of: (a) replacement liens in all of Debtors'
currently owned or hereafter acquired property and assets to the
extent of any decrease in value of the Collateral, including cash
collateral, as a result of the Debtors' post-petition use of the
Collateral and the imposition of the automatic stay; (b) adequate
protection payments in the amount of $46,750 per month as provided
in the Order; and (c) an allowed super-priority administrative
claim, with priority in payment over any and all administrative
expenses arising under Bankruptcy Code sections 503(b) and/or
507(a).
The Debtors' authority to use Cash Collateral will terminate upon
the earliest to occur of: (a) the Debtors' cases are dismissed or
converted to cases under chapter 7 of the Bankruptcy Code; (b)
either (i) the Court enters an order appointing a trustee or an
examiner with enlarged powers (beyond those set forth in sections
1104(c) and 1106(a)(3) and (4) for the Debtor; or (ii) the Debtors
file a motion, application or other pleading consenting to or
acquiescing in any such appointment; (c) the Court suspends these
chapter 11 cases under section 305; (d) the consummation of any
transaction resulting in the sale or disposition of all or
substantially all of the assets of the Debtors and their estates;
(e) the Interim Order becomes stayed, reversed, vacated, amended or
otherwise modified in any respect without the prior written consent
of the Lender; or (f) the occurrence of any Event of Default under
the terms of the Order which remains uncured for seven days after
the Debtors' receipt of written notice from the Lender.
A copy of the motion and the Debtors' budget from February 7 to May
2, 2022 is available for free at https://bit.ly/332OY7P from
PacerMonitor.com.
The Debtor projects $1,893,639 in total receipts and $993,272 in
total disbursements for the period.
About Activa Resources, LLC and Tiva Resources, LLC
Activa Resources, LLC and Tiva Resources, LLC re part of the oil
and gas extraction industry. The Debtors sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No.
22-50117) on February 3, 2022. In the petition signed by John
Hayes, president, Activa Resources disclosed up to $50 million in
both assets and liabilities while Tiva Resources disclosed up to
$10 millionn in assets and up to $50 million in liabilities.
Bernard R. Given II, Esq., at Loeb and Loeb LLP represents the
Debtors as counsel.
ALABAMA INJURY: Amends Dana Hartley Claims Pay Details
------------------------------------------------------
Alabama Injury and Pain Clinic submitted a Second Amended
Disclosure Statement describing Plan of Reorganization.
The Second Amended Disclosure Statement reflects only the
correction of the numbering of the Section, Articles and Classes in
the Disclosure Statement.
Also changes were made to the treatment of the secured claim held
by Dana Hartley to memorialize the agreement of the Parties,
leading to acceptance of the Plan:
* Dana Hartley claim is based on a Judgement out of that State
Court proceeding styled Dana Hartley vs Alabama Pain & Injury e
al., in the amount of $1 million.
* The parties have agreed to satisfy, with terms (supra) to
this claim for $150,000 payable over the life of the Plan.
The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:
* Class four consists of General Unsecured Creditors. This
class is impaired. The Debtor proposes to pay to its unsecured
creditors, 1% of the value of these claims, with payments to begin,
once the administrative claims have been paid in full.
* Class Five consists of Holders of Stock in the Debtor. The
Debtor is incorporated and 100% of the Stock is James O Gordon.
Based on the monthly operating reports filed by the Debtor, with
the Bankruptcy Administrator's Office and further based on its
economic recovery, following the Covid 19 pandemic closing, the
Debtor will have sufficient income to pay the required amount
pursuant to the Plan.
A full-text copy of the Second Amended Disclosure Statement dated
Feb. 1, 2022, is available at https://bit.ly/3os5dmk from
PacerMonitor.com at no charge.
Debtor's Counsel:
Barry A. Friedman
BARRY A FRIEDMAN & ASSOCIATES, PC
ATTORNEYS AT LAW
257 St Anthony Street
Post Office Box 2394
Mobile, Alabama 36652-2394
Telephone: 251-439-7400
About Alabama Injury
Alabama Injury and Pain Clinic, a provider of medical services to
persons who have suffered injuries, filed a Chapter 11 petition
(Bankr. S.D. Ala. Case No. 18-03685) on Sept. 11, 2018. In the
petition signed by Dr. James Gordon, owner, the Debtor estimated
less than $50,000 in assets and $100,000 to $500,000 in
liabilities. The case has been assigned to Judge Jerry C. Oldshue
Jr. Friedman, Poole & Friedman, P.C., led by Barry A. Friedman, is
the Debtor's legal counsel.
ALVOGEN PHARMA: Moody's Cuts CFR to B3, Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service downgraded Alvogen Pharma US, Inc.'s
Corporate Family Rating to B3 from B2 and its Probability of
Default Rating to B3-PD from B2-PD. Concurrently Moody's affirmed
the company's senior secured term loan rating at B3. The outlook
was revised to stable from negative.
The downgrade of Alvogen's Corporate Family Rating to B3 reflects
Moody's expectation that despite robust growth and improvement in
credit metrics, Alvogen's financial leverage, which was well above
10 times, as of September 30, 2021, will remain high through 2022.
Additionally, liquidity will remain weak, constrained by material
increases in working capital spend and term loan amortization, over
the next twelve months. Liquidity is also pressured by the
approaching maturity of Alvogen's capital structure. Nonetheless,
Moody's believes a full year contribution from Loreev XR and
Sertaline, growth in its exclusive contract for oseltamivir
(generic Tamiflu) with the government, contribution from
Lenalidomide sometime after March 2022, Gralise, and several
near-term product launches will drive meaningful improvement in
Alvogen's overall revenues and profitability.
"The change of outlook to stable from negative reflects Moody's
expectation that despite very high financial leverage and weak
credit metrics, recently approved products and expected near-term
product launches will lead to a significant improvement in credit
metrics over the next 12 to 18 months. Additionally, Moody's
expects that the company will successfully address approaching
maturity of its' capital structure," said Vladimir Ronin, Moody's
Vice President.
The affirmation of senior secured term loan at B3 reflects the
reduction in borrowing base capacity under the $275 million ABL
facility, which has first priority claim on the most liquid assets.
This in turn results in reduced constrain of claim on assets for
the senior secured term loan, ranked below the ABL.
Following is a summary of Moody's rating actions:
Ratings Downgraded:
Issuer: Alvogen Pharma US, Inc.
Corporate Family Rating, Downgraded to B3 from B2
Probability of Default Rating, Downgraded to B3-PD from B2-PD
Ratings Affirmed:
Issuer: Alvogen Pharma US, Inc.
Senior Secured Term Loan, Affirmed at B3 (LGD4)
Outlook Actions:
Issuer: Alvogen Pharma US, Inc.
Outlook, changed to Stable from Negative
RATINGS RATIONALE
Alvogen's B3 Corporate Family Rating is constrained by its very
high financial leverage and weak credit metrics, which will extend
through 2022, while earnings from newer products offset declines
and delays from its base of existing products. The rating also
reflects the company's modest size with revenues below $500
million, in the highly competitive generic pharmaceutical industry.
The company's rating is constrained by approaching maturities of
its capital structure, with ABL revolver and term loan set to
mature in January and December 2023, respectively. Alvogen will
benefit from a full year contribution from Loreev XR and Sertaline,
and material growth from its exclusive contract to supply the US
government with oseltamivir. Additionally, contribution from
Lenalidomide sometime after March 2022, Gralise, and other
near-term product launches will support higher overall revenues and
improving gross margins, driving a meaningful improvement in credit
metrics over the next 12-18 months. Free cash flow will remain
constrained over the next twelve months, driven by increases in
working capital spend and term loan amortization. However,
Alvogen's ratings benefit from capital support from its parent
while its most valuable pipeline assets fully materialize.
ESG considerations are material to Alvogen's rating. High social
risk exposures include regulatory and legislative efforts aimed at
reducing drug prices. These dynamics relate to demographic and
societal trends that are pressuring government budgets because of
rising healthcare spending. Governance considerations include
Alvogen's private equity ownership, which creates risk of financial
policies that raise leverage. Also, Alvogen has distributed cash
out of the credit group at various points in the past. However, the
unique governing structure also provides a level of credit support.
Entities outside of the credit group continue to provide capital
support to Alvogen to help execute its pipeline and new launches.
Moody's expects Alvogen's liquidity to remain weak over the next
twelve months. Alvogen had cash of $29 million at September 30,
2021. Moody's expects Alvogen to be modestly free cash flow
consumptive over the next twelve months, as working capital spend
will meaningfully increase. Alvogen liquidity is supported by a
$275 million asset-based revolver (ABL) that will expire on January
29, 2023. There was roughly $164 million drawn on the facility as
of September 2021, with roughly $32 million of availability
remaining. Alvogen's debt amortization on its term loan is 5%
annually which amounts to roughly $48 million per year. The term
loan does not contain any financial maintenance covenants and
matures in December 2023.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to a downgrade include failure to reduce
leverage below 7.0x debt/EBITDA on a sustained basis, or inability
to offset base business declines with new product launches. Further
weakening of liquidity profile, including sustained negative free
cash flow, or failure to proactively refinance its term loan and
ABL facility, could result in a downgrade.
Moody's could upgrade the ratings if Alvogen sustains debt/EBITDA
below 5.0x, combined with a proven ability to more than offset base
business declines with new product launches. Additionally, the
company would need to strengthen its liquidity profile, generate
consistently positive free cash flow, and successfully address its
approaching debt maturities, for Moody's to consider an upgrade.
The principal methodology used in these ratings was Pharmaceuticals
published in November 2021.
Alvogen Pharma US, Inc. ("Alvogen") is a subsidiary of Alvogen Lux
Holdings S.a.r.l. ("LuxCo"). Alvogen comprises the US generic
pharmaceuticals and contract manufacturing operations of LuxCo,
which also has international operations not included in the US
credit group. For the twelve months ended September 30, 2021,
Alvogen reported revenues of approximately $446 million. Alvogen is
owned by a consortium of private equity firms including CVC Capital
and Temasek. The company's CEO Robert Wessman also owns a
significant stake in the company.
APEX TOOL: S&P Upgrades ICR to 'B-' on Decreased Default Risk
-------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on Apex Tool
Group LLC to 'B-' from 'CCC'.
At the same time, S&P assigned a 'B-' issue-level rating and '3'
recovery rating to its senior secured first-lien credit facilities
($855 million first-lien term loan and $171 million revolving
credit facility [RCF]). Simultaneously, S&P assigned a 'CCC+'
issue-level rating and '5' recovery rating to its proposed
second-lien term loan.
Recent debt financings significantly improve Apex's maturity
profile and liquidity. Apex has completed a comprehensive
refinancing to its capital structure consisting of a $855 million
new term loan B due in 2029, a $350 million second-lien term loan
due in 2030, and an undrawn $171 million RCF due in 2027. The
renewed capital structure, undrawn RCF, and a $181 million new cash
common equity injection by Bain Capital strengthen our belief in no
imminent default risk over the medium term. As such, S&P raised the
ratings on Apex.
S&P said, "Our ratings on Apex consider its relatively narrow
product focus, limited to hand and power tools serving niche
commercial and industrial segments focused largely on automotive,
aerospace, professional contractor, and do-it-yourself end markets.
Although Apex Tool Group has experienced EBITDA growth since the
second half of 2020, driven by a robust rebound in critical
construction and auto markets, the company's EBITDA margins remain
at a level we consider to be average. The demand for Apex's tools
fluctuates with economic cycles and the cyclical nature of the
industrial and construction end markets it serves. The industry
continues to remain moderately fragmented with high competition
from well-established, better-capitalized larger players such as
Stanley Black & Decker Inc., Robert Bosch GmbH, and Illinois Tool
Works Inc. that offer a broader range of products in addition to
more customer and geographic diversity.
"Apex's markets and operating conditions continue to improve. We
expect Apex's operating and financial performance to continue to
improve in 2022. We expect top-line growth in Apex Tool Group's
hand tools business of about 10%-12% for fiscal 2022, driven by
continued strength in residential end markets because of lower
mortgage rates (although now rising slightly but still
significantly below historical), as well as increasing
deurbanization trends. We also expect top-line growth in Apex Tool
Group's power tools business of about 7%-9% in 2022, driven by the
strong rebound in the autos market. Altogether, we believe top-line
growth for 2022 to be high-single digits or nearing 10%.
"The stable outlook reflects our expectation that the company will
generate positive FOCF and maintain adjusted leverage of 7x-8x area
over the next 12 months, supported by its growing revenue base,
longer-dated maturity timeline, and sufficient liquidity to meet
current business needs."
S&P could lower the rating within the next 12 months if:
-- Commercial construction declined or input costs increased,
resulting in EBITDA so low that debt leverage rose above 9x and
EBITDA interest coverage moved closer to 1x.
-- S&P could also lower the rating if it viewed the company as
vulnerable and dependent on favorable business, financial, and
economic conditions to meet its financial commitments or the
issuer's financial commitments appeared to be unsustainable in the
long term, but the issuer may not face a credit or payment crisis
in the next 12 months.
S&P could raise the rating within the next 12 months if:
-- The company were able to reduce adjusted leverage metrics to
below 7x and maintain interest coverage above 2x on a sustained
basis; and
-- S&P believed that there would be commitment by Bain Capital to
maintain leverage at or below that level.
ESG credit indicators: E-2 S-2 G-3
S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Apex Tool Group LLC. Our assessment of
the company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of the
controlling owners, in line with our view of most rated entities
owned by private-equity sponsors. Our assessment also reflects
their generally finite holding periods and a focus on maximizing
shareholder returns. Environmental factors are an overall neutral
influence on our credit rating analysis since the company engages
in light manufacturing and distribution of tools."
AVERY ASPHALT: March 16 Disclosure Statement Hearing Set
--------------------------------------------------------
Judge Michael E. Romero has entered an order within which March 16,
2022, at 1:30 p.m. via Zoom video conference is the hearing to
consider the adequacy of and to approve the Disclosure Statement
for Avery Asphalt, Inc., and its debtor affiliates.
In addition, March 8, 2022 is fixed as the last day to file
objections to the Disclosure Statement.
A full-text copy of the order dated Feb. 1, 2022, is available at
https://bit.ly/3LaITr9 from PacerMonitor.com at no charge.
Attorneys for Debtors in Possession:
David J. Warner, Esq.
Wadsworth Garber Warner Conrardy, PC
2580 West Main Street, Suite 200
Littleton, CO 80120
Telephone: (303) 296-1999
Facsimile: (303) 296-7600
Email: dwarner@wgwc-law.com
About Avery Asphalt
Avery Asphalt, Inc. is the main operating company and installs,
maintains, and improves roadways, parking lots, and other outdoor
surfaces. Avery Equipment, LLC owns the equipment used in Avery
Asphalt's business. Avery Holdings, LLC owns the real estate used
in Avery Asphalt's business. LBLA Ventures, Inc. is the holding
company for a non-operating Arizona asphalt company and 1401 S.
22nd Ave., LLC owns the real estate that was formerly used by
Regional Pavement Maintenance of Arizona, Inc. in its business.
Avery Asphalt and its affiliates sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Colo. Lead Case No.
21-10799) on February 19, 2021. The bankruptcy was filed after a
receiver was appointed for all the Debtors. The receivership
hampered Avery Asphalt's ability to operate profitably.
In the petition signed by CEO Aaron Avery, the Debtors disclosed up
to $50,000 in assets and up to $10 million in liabilities.
Judge Michael E. Romero oversees the case.
David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. is
the Debtor's counsel, while SL Biggs serves as the Debtor's
financial advisor.
BATH & BODY: Egan-Jones Hikes Senior Unsecured Ratings to BB
------------------------------------------------------------
Egan-Jones Ratings Company on January 10, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Bath & Body Works Inc. to BB from B+.
Bath & Body Works, Inc. is an American specialty retailer based in
Columbus, Ohio.
BED BATH: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on January 14, 2022, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Bed Bath & Beyond Inc. EJR also maintained its
'B' rating on commercial paper issued by the Company.
Headquartered in Union, New Jersey, Bed Bath & Beyond Inc. operates
a nationwide chain of retail stores.
BITNILE HOLDINGS: Lowers Equity Stake in Houston American to 2.5%
-----------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, BitNile Holdings, Inc. disclosed that as of Jan. 31,
2022, it beneficially owns 250,000 shares of common stock of
Houston American Energy Corp., representing 2.52 percent of the
shares outstanding.
The aggregate percentage of shares reported owned by BitNile
Holdings is based upon 9,928,338 shares outstanding, which is the
total number of shares outstanding as of Nov. 10, 2021, as reported
in the issuer's Quarterly Report on Form 10-Q filed with the SEC on
Nov. 12, 2021. A full-text copy of the regulatory filing is
available for free at:
https://www.sec.gov/Archives/edgar/data/896493/000121465922001678/e21226sc13da3.htm
About BitNile Holdings
BitNile Holdings, Inc. (formerly known as Ault Global Holdings,
Inc.) is a diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly and majority-owned subsidiaries and
strategic investments, the Company owns and operates a data center
at which it mines Bitcoin and provides mission-critical products
that support a diverse range of industries, including
defense/aerospace, industrial, automotive, telecommunications,
medical/biopharma, and textiles. In addition, the Company extends
credit to select entrepreneurial businesses through a licensed
lending subsidiary. BitNile's headquarters are located at 11411
Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.BitNile.com.
BitNile reported a net loss of $32.73 million for the year ended
Dec. 31, 2020, a net loss of $32.94 million for the year ended Dec.
31, 2019, and a net loss of $32.98 million for the year ended Dec.
31, 2018. As of Sept. 30, 2021, the Company had $225.72 million in
total assets, $24.74 million in total liabilities, and $200.98
million in total stockholders' equity.
BLACKBERRY LIMITED: Egan-Jones Keeps CCC Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on January 11, 2022, maintained its
'CCC' foreign currency and local currency senior unsecured ratings
on debt issued by BlackBerry Ltd. EJR also maintained its 'C'
rating on commercial paper issued by the Company.
Headquartered in Waterloo, Canada, BlackBerry Limited provides
intelligent security software solutions.
BOYD GAMING: Moody's Hikes CFR to B1, Senior Secured Debt to Ba2
----------------------------------------------------------------
Moody's Investors Service upgraded Boyd Gaming Corporation's
Corporate Family Rating to B1 from B2 and Probability of Default
Rating to B1-PD from B2-PD. The company's senior secured revolver,
term loan A, and term loan B were upgraded to Ba2 from Ba3, and the
company's unsecured notes were upgraded to B3 from Caa1. The
company's Speculative Grade Liquidity rating remains SGL-2 and the
outlook is stable.
The upgrade of Boyd's CFR to B1 considers the improvement in
operating performance since the company's casinos have reopened
including growth in revenue and EBITDA, very strong free cash flow
generation, and reduction in debt outstanding versus pre-pandemic
levels, which have driven down leverage to the 3x range. The
company has been able to improve EBITDA margins significantly and
increase absolute EBITDA levels well above pre-pandemic levels
while reducing funded debt levels. The strong operating
performance, reduction in leverage, and good liquidity profile
support the upgrade of the rating to B1.
The following ratings/assessments are affected by the action:
Ratings Upgraded:
Issuer: Boyd Gaming Corporation
Corporate Family Rating, Upgraded to B1 from B2
Probability of Default Rating, Upgraded to B1-PD from B2-PD
Senior Secured Bank Credit Facility (Revolver, Term Loan A and
Term Loan B), Upgraded to Ba2 (LGD2) from Ba3 (LGD2)
Senior Unsecured Regular Bond/Debenture, Upgraded to B3 (LGD5)
from Caa1 (LGD5)
Outlook Actions:
Issuer: Boyd Gaming Corporation
Outlook, Remains Stable
RATINGS RATIONALE
Boyd's B1 CFR reflects the meaningful reduction in leverage as a
result of strong operating performance at its casinos properties.
The company has generated a significant level of free cash flow and
reduced debt levels meaningfully relative to the pre-pandemic
level, driving debt-to-EBITDA leverage to the 3x range. The rating
also reflects the company's significant size and geographic
diversification. The company is one of the largest regional gaming
operators in terms of net revenue and number of casino assets
operated. Key credit concerns include Boyd's vulnerability to
travel disruptions and unfavorable sudden shifts in discretionary
consumer spending and the uncertainty regarding the sustainability
of EBITDA margins. Moody's expects that EBITDA margins will likely
decline from very high levels when competing entertainment
alternatives are restored, and facility services and marketing
spend ramp back up over time. The moderate leverage position
provides flexibility within the rating to absorb margin
contraction, reasonably sized acquisitions, and the reintroduction
of the company's dividend. Longer-term social risk and fundamental
challenges facing Boyd and other regional gaming companies relate
to consumer entertainment preferences and US population
demographics that Moody's believes will move in a direction that
does not favor traditional casino-style gaming.
Boyd's speculative-grade liquidity rating of SGL-2 reflects good
liquidity and the demonstrated revenue and EBITDA margin
improvement since casinos have reopened, while generating strong
free cash flow of over $700 million over the last twelve months. As
of year end 2021, the company had approximately $345 million of
unrestricted cash, and an undrawn $1,033.7million revolving credit
facility, with minimal of letters of credit outstanding. Boyd is
currently subject to a minimum interest coverage covenant ratio of
1.75x and a maximum total leverage ratio covenant of 7.75x. The
company is in compliance with its financial covenants and Moody's
believes the company will maintain sizeable cushion with its
covenants over the next twelve months. Boyd additionally has a
considerable amount of discrete, owned assets that it can sell to
raise cash should the need arise.
The coronavirus outbreak and the government measures put in place
to contain it continue to disrupt economies and credit markets
across sectors and regions. Although an economic recovery is
underway, the recovery is tenuous, and continuation will be closely
tied to containment of the virus. As a result, a degree of
uncertainty around Moody's forecasts remains. Moody's regards the
coronavirus outbreak as a social risk under Moody's ESG framework,
given the substantial implications for public health and safety.
The gaming sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, Boyd remains vulnerable to a renewed
spread of the outbreak. Boyd also remains exposed to discretionary
consumer spending that leave it vulnerable to shifts in market
sentiment in these unprecedented operating conditions.
Additional social risks for gaming companies includes high taxes
and operating restrictions imposed by governments to mitigate the
effects of problem gambling, and evolving consumer preferences
related to entertainment choices and population demographics that
may drive a change in demand away from traditional casino-style
gaming. Younger generations may not spend as much time playing
casino-style games (particularly slot machines) as previous
generations. Data security and customer privacy risk is elevated
given the large amount of data collected on customer behavior. In
the event of data breaches, the company could face higher
operational costs to secure processes and limit reputational
damage.
Governance risk is considered balanced given public ownership and
the company's track record of managing dividends and share
repurchases principally from cash flow. The company suspended its
modest quarterly cash dividend to conserve liquidity due to the
impact of coronavirus on the company's operations. From a leverage
and financial policy perspective, Boyd has been able to reduce
leverage to significantly below pre-pandemic levels and has stated
its intent to maintain current levels of leverage over the
long-term.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook considers the recovery in the company's business
and margin improvement exhibited since reopening, and the
expectation for sustained revenue improvement with potential for
some margin deterioration in 2022. The stable outlook also
incorporates the company's good liquidity and the expectation for
leverage to be maintained at current levels as the business
continues to recover and the company pursues growth initiatives.
Ratings could be downgraded if there is a decline in EBITDA
performance from factors such as volume pressures or higher
operating costs, liquidity deteriorates, or the company is unable
to sustain debt-to-EBITDA below 5.25x. Acquisitions or shareholder
distributions that increase leverage could also lead to a
downgrade.
Ratings could be upgraded if the company generates consistent and
comfortably positive free cash flow, revenue is growing,
debt-to-EBITDA is sustained below 4.0x, and the company adheres to
financial policies that maintain low leverage. A stable outlook for
regional gaming demand is also required for a higher rating.
The principal methodology used in these ratings was Gaming
published in June 2021.
Boyd Gaming Corporation owns and operates 28 gaming properties in
ten states: Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana,
Mississippi, Missouri, Ohio, and Pennsylvania. Revenue for the
publicly-traded company for the last twelve-month period ended
December 31, 2021 was approximately $3.4 billion.
CARESTREAM HEALTH: Moody's Affirms B3 CFR, Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service changed the rating outlook for Carestream
Health Inc., to negative from stable. At the same time, Moody's
affirmed the company's B3 Corporate Family Rating, B3-PD
Probability of Default Rating, B1 ratings of senior secured first
lien credit facilities and Caa1 rating of second lien term loan.
The change of outlook to negative from stable reflects elevated
refinancing risk, as substantially all of the company's debt
maturities will become current in 2022 absent a successful
refinancing transaction (or other liquidity event that would result
in the repayment of outstanding debt). Specifically, the company's
1st lien credit facilities are due in May 2023, and its 2nd lien
term loan is due in August 2023.
The affirmation of Carestream's B3 Corporate Family Rating reflects
Moody's expectations that free cash flow generation in 2022 will
improve as non-recurring charges associated with cost saving
initiatives wind down. The rating reflects Moody's expectation that
leverage will remain steady in the low-five times range over the
next 12 to 18 months.
The affirmation also reflects the company's adequate liquidity
profile, notwithstanding the aforementioned refinancing risk. As of
September 30, 2021, the company had $45 million in available cash,
and $88 million available under its $118 million revolving credit
facility.
Affirmations:
Issuer: Carestream Health, Inc.
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Senior Secured 1st Lien Revolving Credit Facility, Affirmed B1
(LGD2)
Senior Secured 1st Lien Term Loan, Affirmed B1 (LDG2)
Senior Secured 2nd Lien Term Loan, Affirmed Caa1 (LGD5)
Outlook Actions:
Issuer: Carestream Health, Inc.
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
Carestream's B3 Corporate Family Rating reflects the company's high
reliance on its film business, which comprises the majority of
earnings. Moody's expects that the medical film business will
remain in structural decline for the foreseeable future. The
company also has a presence in medical digital products, which
Moody's expects to grow at rates that align with the broader
market. Carestream's ratings reflect the company's moderately
aggressive leverage, which Moody's expects will remain in the
low-five times range over the next 12 to 18 months. Moody's also
expects that the company will generate improved free cash flow in
2022, as non-recurring charges associated with cost saving
initiatives are wound down. Absent the elevated refinancing risk
(substantially all of the company's debt is due in 2023), the
company has an adequate liquidity position. Carestream has access
to a $118 million revolving credit facility with $88 million of
availability as of September 30, 2021, in addition to $45 million
in cash on the balance sheet.
ESG considerations are material to Carestream's credit profile.
Medical device company face moderate social risk, however they
regularly encounter elevated elements of social risk including
those associated with responsible production including compliance
with regulatory requirements and potential reputational and
financial impacts from product recalls or related issues.
Governance considerations incorporate expectations of aggressive
financial policies as a majority of the company is owned by funds
affiliated with private-equity sponsor Onex Corporation. Onex has
owned Carestream since 2007 thus Moody's believe the possibility
for some form of monetization event, whether a sale, IPO, or
dividend recapitalization is elevated.
The negative outlook primarily reflects elevated refinancing risk,
as substantially all of the company's debt maturities will become
current in 2022 absent a successful refinancing transaction (or
other liquidity event that would result in the repayment of
outstanding debt).
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if Carestream demonstrates earnings
stability, along with sustained free cash flow generation and a
good liquidity profile. Quantitatively, ratings upside is dependent
upon debt/EBITDA sustained below 4.5 times.
Ratings could be downgraded if liquidity were to erode, including
the company's inability to refinance its 2023 debt maturities. A
downgrade could also be driven by an accelerating decline in
revenue, or negative free cash flow generation. Quantitatively,
ratings could be downgraded if debt/EBITDA was sustained above 5.5
times.
The principal methodology used in these ratings was Medical
Products and Devices published in October 2021.
Headquartered in Rochester, NY, Carestream Health is a global
provider of medical imaging products. The company's film business
provides specialized paper to produce images from digital x-rays,
printers, non-destructive testing, dental film and contract
manufacturing. The company's medical digital business provides
digital medical imaging systems. The company's LTM revenues are
approximately $1.16 billion. Carestream is owned by affiliates of
Onex Corporation.
CARNIVAL CORP: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on January 11, 2022, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Carnival Corporation. EJR also maintained its 'B'
rating on commercial paper issued by the Company.
Headquartered in Miami, Florida, Carnival Corporation & plc is a
global cruise company and one of the largest vacation companies in
the world.
CENTRO NGD HOLDINGS: Case Summary & 15 Unsecured Creditors
----------------------------------------------------------
Debtor: Centro NGD Holdings, LLC
14 NE 1st Avenue
Penthouse
Miami, FL 33132
Business Description: Centro NGD Holdings, LLC is engaged in
activities related to real estate.
Chapter 11 Petition Date: February 6, 2022
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 22-10961
Judge: Hon. Robert A. Mark
Debtor's Counsel: Catherine D. Kretzschmar, Esq.
AKERMAN LLP
201 East Las Olas Blvd.
Suite 1800
Fort Lauderdale, FL 33301
Tel: 954-468-2443
Email: catherine.kertzschmar@akerman.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Harvey Hernandez as managing member.
A copy of the Debtor's list of 15 unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/HTGYOLQ/Centro_NGD_Holdings_LLC__flsbke-22-10961__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/VQWOU7Y/Centro_NGD_Holdings_LLC__flsbke-22-10961__0001.0.pdf?mcid=tGE4TAMA
CONWAY COURT: Seeks Cash Collateral Access
------------------------------------------
Conway Court 1 LLC and affiliates ask the U.S. Bankruptcy Court for
the District of Massachusetts to use cash collateral on a final
basis and provide adequate protection.
As a result of COVID-19, certain tenants who were college/graduate
students stopped paying rent or abandoned the property. This loss
of income caused a lack of funds to support the [large] debt
service. The Debtors attempted to refinance with a lower interest
rate but was unsuccessful. The bankruptcy was filed on the eve of
foreclosure.
The Debtors are requesting access to cash collateral for a period
through July 31, 2022, to implement and close a sale all of the
Debtors' assets pursuant to section 363 of the Bankruptcy Code. The
Debtors' propose use of cash collateral will be in conformance with
a monthly budget.
The Debtors contend they need to obtain access to cash collateral
to maintain the condominium units, including payment of ongoing
real estate taxes and maintenance. The entities with an interest
in the cash collateral are U.S. Bank National Association, as
Trustee for Velocity Commercial Capital Loan Trust 2018-2 and New
England Real Estate Capital, LLC.
As adequate protection for the Debtors' use of cash collateral, the
prepetition secured lenders will have valid, perfected, and
enforceable replacement liens and security interests in all assets
of the Debtors existing on or after the Petition Date.
As additional adequate protection, prepetition secured lenders will
have a superpriority, administrative expense claim, subordinate to
the Carve Out. The carve out is the sum of (i) all statutory fees
required to be paid by the Debtors to the United States Trustee
under 28 U.S.C. section 1930(a); (ii) professional fees and
expenses of attorneys employed by the Debtors pursuant to the
section 327 of the Bankruptcy Code to the extent reflected in the
cash collateral budget, subject to Cash Management Procedures
described under MLBR Appendix 6, and allowed by the Court.
In addition to the adequate protection package offered by the
Debtors, the prepetition secured lenders will be adequately
protected by virtue of the fact that continued use of cash
collateral will enable the Debtors to consummate the contemplated
sale of the Debtors' real property, thereby providing the lenders
with the maximum realizable value of their collateral.
A copy of the motion is available at https://bit.ly/3rw4Ngz from
PacerMonitor.com.
About Conway Court
Lincoln, Mass.-based Conway Court 1, LLC filed a petition for
Chapter 11 protection (Bankr. D. Mass. Case No. 21-11533) on Oct.
21, 2021, listing up to $10 million in assets and up to $1 million
in liabilities. Lou Makrigiannis, manager, signed the petition.
Judge Frank J. Bailey oversees the case.
The Debtor tapped Michael Van Dam, Esq., at Van Dam Law, LLP as
legal counsel.
CORP GROUP: Committee Asks Court to Terminate Exclusivity Period
----------------------------------------------------------------
The official committee of unsecured creditors of Corp Group Banking
S.A. asked the U.S. Bankruptcy Court for the District of Delaware
to terminate the period during which the company alone can file a
Chapter 11 plan.
Corp Group Banking on Jan. 4 requested an extension of the
exclusivity period until one week after the hearing date on
confirmation of its proposed plan of liquidation. The confirmation
hearing is set to begin on March 17.
Attorney for the committee, Jamie Edmonson, Esq., at Robinson &
Cole, LLP said the exclusivity period must be terminated to allow
others, including the committee, to file a rival plan that provides
certainty for an exit from bankruptcy.
Ms. Edmonson said the liquidating plan should be modified to become
confirmable but the company has refused despite the issues raised
by the committee, which include the allowance of Itau Corpbanca's
claims under the plan that contradict certain provisions of the
Bankruptcy Code.
"The plan, as written, allows the claims of Itau even though the
committee has objected to these claims and has filed a motion
seeking standing to pursue related causes of action," Ms. Edmonson
said in court papers.
The liquidating plan does not also preserve any of the committee's
proposed claims against Itau nor does the plan address how those
claims are resolved, the attorney further said.
About Corp Group Banking S.A.
Corp Group Banking SA, a Chilean financial holding company
controlled by billionaire Alvaro Saieh, and Inversiones CG
Financial Chile Dos SpA filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
21-10969) on June 25, 2021. At the time of the filing, Corp Group
Banking disclosed $500 million to $1 billion in assets and $1
billion to $10 billion in liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Simpson Thacher & Bartlett, LLP and Young
Conaway Stargatt & Taylor, LLP as legal counsels. Prime Clerk, LLC
is the Debtors' claims and noticing agent and administrative
advisor.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on July 20, 2021. The committee tapped Morgan,
Lewis & Bockius, LLP as lead bankruptcy counsel, Robinson & Cole
LLP as Delaware counsel, and NLD Abogados as special Chilean
counsel. FTI Consulting, Inc. serves as the committee's financial
advisor.
On Dec. 27, 2021, the Debtors filed a joint Chapter 11 plan of
liquidation and related disclosure statement.
CREATIVE HAIRDRESSERS: No Penalty for Delay of Wages
----------------------------------------------------
Nicole Olsen filed a claim for liquidated damages under the Fair
Labor Standards Act, as amended, for non-payment of wages to the
employees of debtors Creative Hairdressers Inc. and Ratner
Companies, L.C. She filed the claim as class representative on
behalf of all employees. The Debtors object to the claim on several
grounds.
The Debtors ask the United States Bankruptcy Court for the District
of Maryland, Greenbelt, to exercise its discretion under Section
260 of the FLSA and deny liquidated damages. They contend the
government-mandated shutdown of their business in response to the
COVID-19 pandemic left them unable to pay employees for the
one-week pay period in which operations ceased, and they went to
great lengths to pay employees in full as soon as they were able in
less than 30 days. They argue that the delay in paying employees
does not warrant the award of liquidated damages under the
extraordinary circumstances of this case, noting that employees
were paid the full amount of their claims while general unsecured
creditors will receive little or no distribution.
Bankruptcy Judge Thomas J. Catliota concludes the claim for
liquidated damages should be disallowed under the unique
circumstances presented by the COVID-19 pandemic.
The Court recognizes that the protections provided by the FLSA
exists because the employer-employee relationship is one of
inherently unequal power, but this case does not raise such
concerns. Both CHI and its employees, like most of the world, were
caught off guard by an unprecedented global pandemic. This case is
an example of an employer responding to unpredictable events and
reacting as best it could to fulfill its obligations. As a result,
Claimant received payment in full of the delayed wage payment
within 30 days. Claimant has already received far more on her claim
than other general unsecured creditors will receive," Judge
Catliota holds.
Accordingly, the Court ordered that Claim No. 460-1 against CHI and
Ratner Companies, L.C. in Case No. 20-14583 and Claim No. 21-1
against only Ratner Companies, L.C. in Case No. 20-14584 are
denied.
A full-text copy of the Memorandum and Order dated January 27,
2022, is available at https://tinyurl.com/39d9vnct from
Leagle.com.
About Creative Hairdressers
Creative Hairdressers, Inc. -- http://www.ratnerco.com/-- operates
over 750 salons nationwide under the trade names Hair Cuttery,
BUBBLES, and Salon Cielo. The company began in 1974 to create a
quality whole-family salon where stylists could make a good living.
Creative Hairdressers and Ratner Companies, L.C. sought Chapter 11
protection (Bankr. D. Md. Lead Case No. 20-14583) on April 23,
2020. Creative Hairdressers was estimated to have $1 million to
$10 million in assets and $10 million to $50 million in
liabilities.
The Debtors tapped Shapiro Sher Guinot & Sandler as legal counsel;
Carl Marks Advisors as strategic financial advisor; A&G Realty
Partners as real estate advisor; and Epiq Bankruptcy Solutions as
claims agent.
CRESCENT ENERGY: S&P Assigns 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
privately-held oil and gas exploration and production (E&P) company
Independence Energy LLC and withdrew its 'B' issuer credit rating
on Independence Energy LLC.
S&P said, "Our 'B+' issue-level rating and '2' recovery rating on
Crescent Energy's senior unsecured notes due 2026 (issued by
Crescent Energy Finance [formerly known as Independence Energy
Finance LLC]) are unchanged.
"The stable outlook reflects our view that the company will
maintain strong credit measures and adequate liquidity over the
next two years while sustaining flat production and generating
positive discretionary cash flow (DCF).
"We assigned our 'B' issuer credit rating to Crescent Energy Co.
Our rating reflects the company's relatively small proved reserve
base and production levels, good geographic diversity in the
onshore U.S., good product diversity among oil, natural gas, and
natural gas liquids (NGLs), and low natural decline rates. These
factors are offset by its weaker profitability relative to its
peers and its low percentage of operated production. Our rating
also reflects Crescent Energy's low leverage, consistent hedging
strategy, and our expectation that it will generate positive DCF.
Although now publicly-traded, we still view the company as being
controlled by financial-sponsor KKR & Co. Inc. through its
preferred voting rights."
Crescent Energy's asset base is relatively small but
well-diversified, which mitigates the effects of localized
disruptions on its production and cash flow. Following its merger
with Contango Oil & Gas, the company's total proved reserve base as
of year-end 2021 comprised 532 million barrels of oil equivalent
(boe), 46% of which was natural gas, 40% oil, and 14% NGLs. About
86% of Crescent's reserves were classified as developed, which S&P
views favorably because it reduces the risk that excess capital
costs will be needed to bring its undeveloped reserves on
production. The company is also well-diversified geographically due
to its oil and gas properties being located in several onshore U.S.
basins, including:
-- Eagle Ford in South Texas (38% of proved reserves and 25% of
year to date Q3 2021 production);
-- Rockies (26% of reserves and 30% of production);
-- Barnett Shale in Central Texas (12% of reserves and 20% of
production);
-- Permian Basin in West Texas (12% of reserves and 10% of
production); and
-- Mid-Continent (8% of reserves and 10% of production).
Crescent also owns midstream assets, overriding royalty interests
(ORRIs), and minerals assets.
Crescent's profitability and proportion of operated production lag
those of its peers. Due to the maturity of its wells, the company's
production costs on a per-unit basis are higher than those of its
peers. Therefore, its overall profitability, on an unhedged EBIT
per boe of production basis, is below average. In addition,
Crescent operates a lower proportion of its total production than
peers, and thus has less control over the pace and method of its
development relative to many of its peers, though its non-operated
production is primarily located in regions that already have
well-defined development programs underway and this figure includes
its ORRI and mineral assets. S&P said, "We apply a negative
one-notch adjustment to our anchor on Crescent to reflect these
factors. The company has allocated 70%-75% of this year's capital
budget to its operated assets in the Eagle Ford and Permian basins,
thus we expect its percentage of operated production to rise."
The company's natural production decline rate is low. Crescent's
producing reserves have a low natural decline rate relative to the
average among unconventional shale producers (about 17%), which
limits the amount of capital it requires to maintain its
production. S&P notes that the company's average reinvestment rate
has been just 45% since 2014 (excluding acquisitions). This is
because of management's focus on holding assets in known basins,
where wells have already been producing for years and are thus on
the flatter part of their decline curves. In addition, 98% of the
company's acreage is held by production (HBP), which would provide
it with capital flexibility if commodity prices decline.
The company's solid hedges will provide it with a measure of cash
flow stability over the next two years. Crescent Energy is well
hedged, including hedges on nearly 65% of its expected crude oil
and 75% of its expected natural gas production in 2022 (all with
swaps). Management targets hedging up to 80% of its proved
developed producing (PDP) production in years 1-3 and up to 50% in
years 4-5, which will likely limit its cash flow volatility and
insulate its cash flow from the effects of a potential decline in
commodity prices.
S&P said, "Crescent Energy's credit measures are strong, though our
assessment of its financial risk profile is constrained by its
control by a financial sponsor. We expect the company funds from
operations (FFO) to debt to exceed 60% and its debt to EBITDA to be
below 1.5x in 2022 and 2023 as it works toward achieving
management's stated long-term leverage target of 1.0x. We also
estimate Crescent will generate positive DCF in both years after
dividends, which it has set at 10% of EBITDAX (EBITDA plus
exploration expense). However, our view of the company's financial
risk incorporates its control by a financial sponsor, which
constrains our assessment. We base our financial policy assessment
on our belief that there is some risk the company will increase its
leverage through the use of debt or debt-like instruments to fund
potential increases in its capital spending, acquisitions, or
equity distributions beyond what we have included in our base-case
assumptions. Crescent Energy is 17% owned by financial-sponsor KKR,
which holds two of its nine board seats. However, KKR also owns
100% of the company's non-economic preferred stock, which provides
the firm with the sole right to elect directors as well as certain
veto rights.
"The stable outlook on Crescent Energy reflects our view that it
will maintain strong credit measures and adequate liquidity over
the next two years while sustaining flat production and generating
positive DCF. We estimate the company's FFO to debt will exceed 60%
and project debt to EBITDA of 1.0x-1.5x in 2022 and 2023.
"We could lower our rating on Crescent if we expect its FFO to debt
to fall below 30% for a sustained period. This would most likely
occur if commodity prices decline and the company fails to reduce
its spending levels accordingly or its production falls short of
our expectations. We could also lower our rating if Crescent Energy
pursues a large, debt-financed acquisition that does not add to its
near-term cash flow or increases its distributions beyond its
internally generated cash flow.
"We could raise our rating on Crescent Energy if it improves its
profitability or increases its percentage of operated production to
levels more in line with those of its higher-rated peers while
maintaining FFO to debt of more than 45% and positive DCF. We could
also raise our rating if the company is no longer controlled by a
financial sponsor."
ESG credit indicators: E-4 S-2 G-3
S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of Crescent Energy Co. because the E&P
industry contends with the accelerating energy transition and
increasing adoption of renewable energy sources. We believe falling
demand for fossil fuels will lead to declining profitability and
returns for the industry as it fights to retain and regain
investors that seek higher return investments. The company is
working to reduce greenhouse gas (GHG) emissions from its own
operations and manage other key ESG factors and intends to provide
specific targets in 2022. Governance is a moderately negative
consideration. Our aggressive assessment of the company's financial
risk profile reflects its corporate decision making that
prioritizes the interests of its controlling owners, which is in
line with our views on the majority of rated entities owned by
private-equity sponsors. Our assessment also reflects
private-equity sponsors' generally finite holding periods and focus
on maximizing shareholder returns."
DBMP LLC: Settlemyer Parties Must File Report on Ch. 11 Case
------------------------------------------------------------
On December 12, 2019, the Plaintiffs initiated a products liability
action styled DAVID L. SETTLEMYER, et al., Plaintiffs, v.
BORG-WARNER MORSE TEC, LLC, et al., Defendants, Civil Case No.
1:19-cv-00344-MR-WCM (W.D.N.C.), against a number of Defendants,
including CertainTeed Corporation.
Prior to the initiation of this action, CertainTeed went through an
internal corporate restructuring. As a result of that
restructuring, CertainTeed ceased to exist, and a new entity, DBMP
LLC, a North Carolina limited liability company, succeeded to
certain assets and liabilities of CertainTeed, including the
asbestos liabilities alleged in this case.
On February 3, 2020, DBMP filed a Notice with the Court indicating
that it had filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code on January 23, 2020. The Court
thereafter stayed this action with respect to DBMP/CertainTeed.
Since that time, the other Defendants sued in this action have been
dismissed. Thus, the only claims remaining in this action are the
Plaintiff's claims against Defendant DBMP LLC, as successor to
certain assets and liabilities of CertainTeed.
Accordingly, Chief District Judge Martin Reidinger of the United
States District Court for the Western District of North Carolina,
Asheville Division, issued an order dated January 25, 2022,
directing that the parties shall file a report with the Court
advising of the status of DBMP's bankruptcy case. A status report
shall be filed every 90 days thereafter until such time as the
bankruptcy matter is closed.
A full-text copy of the Order is available at
https://tinyurl.com/2dzcs35c from Leagle.com.
About DBMP LLC
DBMP, LLC is a North Carolina limited liability company and the
direct parent company of Millwork & Panel LLC, which manufactures
vinyl siding and polyvinyl chloride (PVC) trim products for the
construction market at facilities it owns in Claremont, N.C. and
Social Circle, Ga. It is a defendant in tens of thousands of
asbestos-related lawsuits pending in courts throughout the United
States.
DBMP sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. W.D.N.C. Case No. 20-30080) on Jan. 23, 2020. At the time
of the filing, the Debtor disclosed assets of between $500 million
and $1 billion and liabilities of the same range.
Judge J. Craig Whitley presides over the case.
The Debtor tapped Jones Day as bankruptcy counsel; Bates White LLC
as consultant; Robinson, Bradshaw & Hinson, P.A. and Schiff Hardin
LLP as special counsel; and Epiq Corporate Restructuring, LLC as
claims, noticing and balloting agent. The Debtor also tapped
Donlin, Recano and Company, Inc., to oversee the submission of
personal injury questionnaires by claimants.
The official committee of asbestos personal injury claimants
appointed in the Debtor's case tapped Robinson & Cole, LLP and
Caplin & Drysdale, Chartered as its bankruptcy counsel. Hamilton
Stephens Steele Martin, PLLC is the committee's local counsel.
The court approved the appointment of Sander L. Esserman as the
future claimants' representative in the Debtor's case. Mr.
Esserman tapped Young Conaway Stargatt & Taylor, LLP and Stutzman,
Bromberg, Esserman & Plifka, a Professional Corporation, as his
bankruptcy counsel. Alexander Ricks PLLC is the FCR's North
Carolina counsel.
DELL INC: Egan-Jones Keeps Senior Unsecured Ratings to BB-
----------------------------------------------------------
Egan-Jones Ratings Company on January 10, 2022, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Dell Inc.
Headquartered in Round Rock, Texas, Dell Inc. provides computer
products.
DOUBLE EAGLE: Case Summary & 12 Unsecured Creditors
---------------------------------------------------
Debtor: Double Eagle Limited Corporation
32302 Alipaz Street #21
San Juan Capistrano, CA 92675
Business Description: Double Eagle Limited is engaged in
activities related to real estate.
Chapter 11 Petition Date: February 5, 2022
Court: United States Bankruptcy Court
Central District of California
Case No.: 22-10207
Judge: Hon. Erithe A. Smith
Debtor's Counsel: Stanley Bownman, Esq.
LAW OFFICE OF STANLEY BOWMAN
700 North Pacific Coast Highway
Redondo Beach, CA 90277
Tel: 310-937-4440
E-mail: sb@stanleybowman.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by John Ellis as vice president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 12 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/M4C6SRA/Double_Eagle_Limited_Corporation__cacbke-22-10207__0001.0.pdf?mcid=tGE4TAMA
EAGLE GARDEN: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Eagle Garden, LLC
2170 Stevens Creek Blvd.
2610
Cupertino, CA 95014
Business Description: Eagle Garden LLC is engaged in activities
related to real estate.
Chapter 11 Petition Date: February 6, 2022
Court: United States Bankruptcy Court
Northern District of California
Case No.: 22-50104
Judge: Hon. Stephen L. Johnson
Debtor's Counsel: Paul Manasian, Esq.
1310 65th Street
Emeryville, CA 94608
Tel: 415 730 3419
Email: manasian@mrlawsf.com
Estimated Assets: Unknown
Estimated Liabilities: Unknown
The petition was signed by Bethany Liou as manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/PGSV7TY/Eagle_Garden_LLC__canbke-22-50104__0001.0.pdf?mcid=tGE4TAMA
EDUCATION FUTURES: Vista College Plans to Sell Student Loans
------------------------------------------------------------
Becky Yerak of The Wall Street Journal reports that for-profit
education chain Vista College has struck a proposed deal to sell
7,683 student loans with a total balance of roughly $15.9 million
for $278,311 to a fund dedicated to debt cancellation.
The Rolling Jubilee Fund said if the purchase is approved by the
U.S. Bankruptcy Court in Wilmington, Del., it plans to erase the
debt.
The chain of business schools, with campuses in three states, filed
for chapter 7 bankruptcy in October 2021 after shutting down
operations.
Collections on the loans have fallen since the bankruptcy, totaling
roughly $3,000 in January, a Thursday court filing said.
About Education Futures Group
Education Futures Group -- https://www.educationfutures.com/ -- is
the owner of for-profit school Vista College. It is a
globally-focused education thought leadership and research network
with experience in collaborating with creatives, leaders,
innovators, and learning organizations to create new opportunities
for human development.
Education Futures Group LLC sought Chapter 7 protection (Bankr. D.
Del. Case No. 21- 11326) on Oct. 11, 2021. In its petition,
Education Futures LLC estimated assets of between $1 million and
$10 million and estimated liabilities of $50,000 or less. The case
is handled by Honorable Judge John T. Dorsey. Jeremy William Ryan,
of Potter Anderson & Corroon LLP, is the Debtors' counsel.
ENCOMPASS HEALTH: Moody's Puts Ba3 CFR Under Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service placed the ratings of Encompass Health
Corp., under review for downgrade including the Ba3 Corporate
Family Rating and Ba3-PD Probability of Default Rating. The rating
agency also placed under review for downgrade the Baa3 ratings of
Encompass' senior secured revolving credit facility and term loan,
and the B1 ratings of the unsecured notes. There is no change to
the SGL-1 Speculative Grade Liquidity Rating. The outlook is
changed to ratings under review from stable.
The rating action follows the announcement on February 2, 2022 that
Encompass will spin-off its home health and hospice divisions,
which collectively represent about 22% of Encompass' total
revenue.
The ratings review will focus on the credit impact from the
separation of the home health and hospice businesses from
Encompass' core inpatient rehabilitation facilities (IRF) business.
Encompass plans to complete the spinoff in the first half of 2022.
The review will contemplate the additional costs to run the
independent businesses, the new capital structure and the fact that
Encompass will be less diversified and reduce its scale after the
spin-off. The review will also consider Encompass' enhanced
management focus on the individual business lines, better aligned
incentives, and relatively resilient volume trends despite the
COVID-19 pandemic.
Governance risk considerations are material to the rating action.
Moody's believes that while Encompass Health has considerable scale
in the inpatient rehabilitation sector and good geographic
diversification, the sale of the home health and hospice businesses
will reduce the company's overall scale and service offerings as
well as potentially increase leverage.
Ratings placed under Review for Downgrade:
Issuer: Encompass Health Corp.
Corporate Family Rating, Placed on Review for Downgrade, currently
Ba3
Probability of Default Rating, Placed on Review for Downgrade,
currently Ba3-PD
Senior Secured Revolving Credit Facility, Placed on Review for
Downgrade, currently Baa3 (LDG1)
Senior Secured Term Loan, Placed on Review for Downgrade,
currently Baa3 (LGD1)
Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently B1 (LDG4)
Outlook Actions:
Issuer: Encompass Health Corp.
Outlook, Changed To Rating Under Review From Stable
RATINGS RATIONALE/ FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
Notwithstanding the rating review, Encompass Health's Ba3 Corporate
Family Rating reflects the company's high exposure to Medicare
reimbursement and the potential for adverse changes to Medicare
rates for the company's services. Moody's believes that
reimbursement for post-acute services could evolve in a way that
would pressure Encompass' margins. That said, Encompass has been
making significant investments in IT and data analytics that
Moody's believes will help it gain operating and cost efficiencies.
This will better position Encompass to absorb potential pressures
associated with an evolving post-acute reimbursement landscape. The
Ba3 CFR also reflects the company's considerable scale in the
inpatient rehabilitation (IRF) sector and good geographic
diversification.
ESG risks are material to Encompass Health's ratings. As a
for-profit hospital operator, Encompass faces social risk but less
so than operators in the general acute care space. The
affordability of hospitals and the practice of balance billing has
garnered substantial social and political attention. However, this
is less of an issue in the IRF space because patient stays in these
facilities are never a "surprise". While the vast majority of
patients in IRFs are recovering from severe medical conditions,
such as strokes (as opposed to elective surgeries), the lower acute
care hospital volumes since the onset of the COVID-19 pandemic have
somewhat constrained volumes at Encompass' IRFs. Hospitals are now
required to publicly provide greater price transparency into the
prices of their services, although compliance and practice is
inconsistent across the industry. Additionally, hospitals rely on
Medicare and Medicaid for a substantial portion of reimbursement.
Any changes to reimbursement to Medicare or Medicaid directly
impacts hospital revenue and profitability. Longer-term, the
potential for a single payor system (i.e. Medicare For All), the
unification of post-acute reimbursement methodologies, or both
would drastically change the operating environment.
From a governance perspective, the company operates with moderate
financial policies, particularly relative to its rated hospital
peers. In 2020, the company returned the $238 million of grant
relief it received from the CARES Act given uncertainty it had
relating to the payment methodologies used by CMS and the
attestations required. Encompass also did not utilize the
accelerated Medicare payments that the CARES Act made available to
hospitals and other healthcare providers.
There is no change to the company's SGL-1 Speculative Grade
Liquidity Rating reflecting the company's very good liquidity,
supported by stable, strong free cash flow and significant
availability under its revolver.
Moody's rating review will focus on the credit impact from the
separation of the home health and hospice businesses from
Encompass' core inpatient rehabilitation facilities (IRF) business.
The review will also contemplate the additional costs to run the
independent businesses, the new capital structure and the fact that
Encompass will be less diversified and reduce its scale after the
spin-off. The review will also consider Encompass' enhanced
management focus on the individual business lines, better aligned
incentives, and relatively resilient volume trends despite the
COVID-19 pandemic.
Headquartered in Birmingham, Alabama, Encompass Health Corporation
is the largest operator of inpatient rehabilitation facilities
including 145 hospitals, 251 home health locations and 96 hospice
locations in 42 states and Puerto Rico. Encompass also provides
home health and hospice services. Revenues are approximately $5.1
billion as of FYE December 31, 2021.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
EXCO RESOURCES: 5th Cir. Junks Royalty Interestholders' Appeal
--------------------------------------------------------------
Nkrumah Al-Omar and Eunice Hall appeal pro se the district court's
dismissal of their bankruptcy appeal for failure to file an
appellate brief as required by Federal Rule of Bankruptcy Procedure
8018(a). The United States Court of Appeals for the Fifth Circuit
rejects the appeal for lack of jurisdiction.
In January 2018, EXCO Services, Inc. voluntarily filed for Chapter
11 bankruptcy. The appellants, who hold royalty interests in two
Louisiana oil and gas leases with EXCO, responded by filing claims
against EXCO for unpaid royalties and special damages. In January
2020, the bankruptcy court entered an order finding that EXCO had
made all required royalty payments but that the appellants were
entitled to interest on certain late payments and to costs
associated with representing themselves. The court ordered the
parties "to calculate the interest and fees, and to submit a
proposed form of order that [was] consistent with [its] opinion."
In August 2020, EXCO submitted a proposed order setting forth its
calculations of the interest and costs owed to the appellants.
Before the bankruptcy court entered its own order, the appellants
filed a notice of appeal from EXCO's proposed order. The district
court docketed their appeal in November 2020 but then dismissed it
six months later, after finding that the appellants had failed to
file an opening brief as required by Federal Rule of Bankruptcy
Procedure 8018(a). The appellants now appeal that dismissal,
contending "that a brief was sent to the [d]istrict [c]ourt on two
separate occasions."
According to the Fifth Circuit, the appellants did not appeal from
a bankruptcy court's final judgment, order, or decree; they
appealed from a proposed order that was submitted by EXCO but never
actually entered by the bankruptcy court. The district court thus
lacked jurisdiction to hear the appellants' bankruptcy appeal, the
Fifth Circuit holds.
"Because the district court lacked jurisdiction, the appeals court
lacks jurisdiction as well," the Fifth Circuit concludes in a
decision dated January 26, 2022.
The appeals case is In the Matter of: Exco Services, Incorporated
Debtor. Nkrumah Al-Omar; Eunice Hall, Plaintiffs-Appellants, v.
EXCO Services, Incorporated, Defendant-Appellee, No. 21-20353 (5th
Cir.).
A full-text copy of the decision is available at
https://tinyurl.com/dmpwjsts from Leagle.com.
About EXCO Resources
EXCO Resources, Inc. (otc pink:XCOO) --
http://www.excoresources.com/-- is an oil and natural gas
exploration, exploitation, acquisition, development and production
company headquartered in Dallas, Texas, with principal operations
in Texas, North Louisiana and the Appalachia region. EXCO's
headquarters are located at 12377 Merit Drive, Suite 1700, Dallas,
Texas.
EXCO Resources, Inc., and 14 of its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 18-30155) on Jan. 15,
2018. EXCO disclosed total assets of $829.1 million and total
debt
of $1.355 billion as of Sept. 30, 2017.
The Debtors' cases are assigned to the Honorable Marvin Isgur.
The Debtors tapped Gardere Wynee Sewell LLP, and Kirkland & Ellis
LLP, as bankruptcy counsel; PJT Partners LP as financial advisor;
Alvarez & Marsal North America, LLC, as restructuring advisor; and
Epiq Bankruptcy Solutions, LLC, as claims agent.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors. The committee is represented by lawyers at
Jackson Walker LLP and Brown Rudnick LLP. Intrepid Partners LLC
and Jefferies LLC serve as the committee's investment bankers.
EXPRESS GRAIN: Coleman Asks Court to Convert Case to Chapter 7
--------------------------------------------------------------
Kevin Edwards of The Greenwood Commonwealth reports that John
Coleman, the beleaguered president of Express Grain Terminals LLC,
is asking a federal court to convert his bankruptcy to a more
permanent disposition after failing to have the filing dismissed.
In a request submitted Tuesday, February 1, 2022, Coleman
petitioned U.S. Bankruptcy Court Judge Selene Maddox to switch the
bankruptcy type from Chapter 11 to Chapter 7.
About John Coleman
John Coleman filed a Chapter 11 petition (Bankr. N.D. Miss. Case
No. 21-11833) on Sept. 29, 2021.
The Debtor's counsel:
Charles J. Swayze III
Whittington, Brock & Swayze, P.A.
P.O. Box 941
Greenwood, MS 38935
Tel: (662) 453-7325
Fax: (662) 453-7394
E-mail: cjsiii@whittingtonlaw.com
About Express Grains Terminals
Greenwood, Mississippi-based Express Grain Terminals, LLC, produces
soy products such as oil and biodiesel.
Express Grains Terminals sought Chapter 11 protection (Bankr. N.D.
Miss. Case No. 21- 11832) on Sept. 29, 2021. In the petition
signed by John Coleman as member, Express Grains Terminals
estimated assets of between $10 million and $50 million and
estimated liabilities of between $50 million and $100 million.
Judge Selene D. Maddox oversees the case.
The Law Offices of Craig M. Geno, PLLC, is the Debtor's counsel.
UMB Bank, N.A., as lender, is represented by Spencer Fane LLP.
GAP INC: Egan-Jones Cuts Senior Unsecured Ratings to B+
-------------------------------------------------------
Egan-Jones Ratings Company on January 10, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Gap Inc. to B+ from BB-.
Headquartered in San Francisco, California, The Gap, Inc. is an
international specialty retailer operating retail and outlet
stores.
GBG USA: Unsecureds to Get Share of Litigation Trust Proceeds
-------------------------------------------------------------
GBG USA Inc., and its Debtor Affiliates filed with the U.S.
Bankruptcy Court for the Southern District of New York a First
Amended Joint Liquidating Plan dated Feb. 1, 2022.
The Plan is a joint plan that does not provide for substantive
consolidation of the Debtors' Estates, and on the Effective Date,
the Debtors' Estates shall not be deemed to be substantively
consolidated for purposes hereof. Nothing in this Plan shall
constitute or be deemed to constitute an admission that any one of
the Debtors is subject to or liable for any claim against any other
Debtor.
Solely for Distribution purposes, holders of First Lien Claims
Second Lien Claims and Allowed General Unsecured Claims shall be
entitled to a single Claim with respect to any particular debt
owed.
Class 1 consists of First Lien Claims. Each holder of an Allowed
First Lien Claim shall receive on the Effective Date, or as soon as
reasonably practical thereafter, subject to the terms of this Plan,
in full and final satisfaction of its Allowed First Lien Claim and
the Allowed Adequate Protection Claim against the Debtors, its Pro
Rata Share of:
* All Cash in the Debtors' Estates (including Intercompany
Note Proceeds from the Seven Global Sale) as of the Effective Date
after (x) the repayment of the Allowed Other Secured Claims, Fee
Claims, Administrative Expense Claims, Priority Non-Tax Claims and
Priority Tax Claims; and (y) the funding of the Litigation Trust
Funding Amount and the Wind Down Budget;
* All Intercompany Note Proceeds received after the Effective
Date;
* The First Lien Litigation Trust Distribution to holders of
Allowed First Lien Claims pursuant to the terms of this Plan and
the Litigation Trust Agreement; and
* All Wind Down Cash Proceeds.
Class 2 consists of Second Lien Claims. The Second Lien Claims
shall be Allowed in the aggregate principal amount of not less than
$110,829,644.23, plus accrued and unpaid interest. Each holder of
an Allowed Second Lien Claim shall receive on the Effective Date,
subject to the terms of this Plan, in full and final satisfaction
of its Second Lien Claim against the Debtors, its Pro Rata Share of
the Second Lien Litigation Trust Distribution to holders of Allowed
Second Lien Claims pursuant to the terms of this Plan and the
Litigation Trust Agreement.
Class 3 consists of Other Secured Claims. Each holder of an Allowed
Other Secured Claim shall receive at the election of the Debtors on
the later of the Effective Date and 30 days after the date on which
an Other Secured Claim becomes an Allowed Claim, or as soon as
reasonably practicable thereafter: (i) Cash in an amount equal to
such Allowed Other Secured Claim; (ii) title to the property
securing such Allowed Other Secured Claim to the holder of such
Claim; or (iii) such other treatment that leaves such Allowed Other
Secured Claim unimpaired.
Class 4 consists of Priority Non-Tax Claims. Each holder of an
Allowed Priority Non-Tax Claim shall receive Cash in an amount
equal to such Allowed Priority Non-Tax Claim on the later of the
Effective Date and the date such Allowed Priority Non-Tax Claim
becomes an Allowed Priority Non-Tax Claim, or as soon thereafter as
is reasonably practicable.
Class 5 consists of General Unsecured Claims. Each holder of an
Allowed General Unsecured Claim shall receive in full satisfaction,
settlement, and release of, and in exchange for such Allowed
General Unsecured Claim its Pro Rata Share of the General Unsecured
Claim Litigation Trust Distribution pursuant to the terms of this
Plan and the Litigation Trust Agreement. Class 5 is impaired by the
Plan.
Existing Interests shall be extinguished, cancelled and released on
the Effective Date, and holders thereof shall not receive any
Distribution on account of such Existing Interests.
Distributions under the Plan shall be funded from Cash on hand, any
Sales, a portion of the Intercompany Note Proceeds from the Seven
Global Sale in an amount not to exceed $4,900,000, the Wind Down
Cash Proceeds and the proceeds of the Litigation Trust Interests.
Litigation Trust Funding Amount means $1,000,000 funded to the
Litigation Trust on the Effective Date by the Debtors and
$1,250,000 funded to the Litigation Trust from Customs Bonds
Collateral received by the Plan Administrator following the
Effective Date.
As of the Effective Date, the Litigation Trust Assets and the
Debtors' rights, title and interests to such Litigation Trust
Assets shall vest in the Litigation Trust free and clear of all
Liens, Claims, charges or other encumbrances or interests to the
extent permitted by section 1141 of the Bankruptcy Code, subject
only to the Litigation Trust Interests; provided, however, that the
Litigation Trust Assets and the Debtors' rights, title and
interests to such Litigation Trust Assets may not be transferred or
assigned by the Litigation Trust to any party.
Counsel for the Debtors:
Rachel C. Strickland, Esq.
Andrew S. Mordkoff, Esq.
Ciara A. Copell, Esq.
Willkie Farr & Gallagher, LLP
787 Seventh Avenue
New York, NY 10019
Telephone: (212) 728-8000
Facsimile: (212) 728-8111
Email: rstrickland@willkie.com
GBG USA Inc.
GBG USA, Inc., is a company incorporated under the laws of Delaware
and is an indirect wholly-owned subsidiary of Global Brands Group
Holding Limited (SEHK Stock Code: 787). It is primarily engaged in
operating the wholesale and direct-to-consumer footwear and apparel
business in North America.
Global Brands Group Holding Limited is a branded apparel and
footwear company. It designs, develops, markets and sells products
under a diverse array of owned and licensed brands.
The Group's European wholesale business operates under legal
entities entirely separate and independent from the wholesale
business in North America. It primarily supplies apparel, footwear
and accessories to retailers and consumers across Europe under
licenses separately entered into by the European entities of the
Group. The Group's global brand management business operates on a
different business model and is distinctly separate from the
wholesale businesses in North America and Europe.
GBG USA and 10 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 21-11369) on July 29, 2021. In its
petition, GBG listed between $1 billion and $10 billion in both
assets and liabilities.
The cases are handled by Judge Michael E. Wiles.
The Debtors tapped Willkie Farr & Gallagher LLP as legal counsel,
Ankura Consulting Group LLC as financial advisor, and Ducera
Partners LLC as investment banker. Alan M. Jacobs, president of
AMJ Advisors LLC, serves as the Debtor's chief strategy officer.
Prime Clerk, LLC is the claims and noticing agent and
administrative advisor.
Moses & Singer, LLP serves as legal counsel to the first lien admin
agent, first lien collateral agent and second lien collateral
agent.
The pre-bankruptcy first lien lenders are represented by
Linklaters, LLP while ReStore Capital, LLC, as DIP administrative
and collateral agent, is represented by Dechert LLP.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on Aug. 16, 2021. Stroock & Stroock & Lavan,
LLP and FTI Consulting, Inc. serve as the committee's legal counsel
and financial advisor, respectively. Prime Clerk, LLC is the
committee's information agent.
About Sean John
Sean John is the apparel brand founded by musical artist, record
producer and entrepreneur Sean Combs.
On Dec. 1, 2021, GBG Sean John LLC filed a voluntary petition for
relief under Chapter 11 of the United States Bankruptcy Code. The
Debtor's case is jointly administered under GBG USA's Case No.
21-11369.
In its petition, GBG Sean John listed estimated assets of between
$500 million to $1 billion and estimated liabilities of between $1
billion to $10 billion.
GEORGE WESTON: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on January 12, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by George Weston Ltd.
George Weston Limited is a Canada-based holding company, which is
engaged in food processing and distribution business.
GLOBAL TRAVEL: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Global Travel International, Inc.
1060 Maltland Center Commons
Suite 340
Maitland, FL 32751
Business Description: Global Travel International is primarily
engaged in furnishing travel information and
acting as agents in arranging tours,
transportation, rental of cars, and lodging
for travelers.
Chapter 11 Petition Date: February 7, 2022
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 22-00438
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue, Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
E-mail: jluna@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Randall J. Warren as chief executive
officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/2W7JWAY/Global_Travel_International_Inc__flmbke-22-00438__0001.0.pdf?mcid=tGE4TAMA
GPMI CO: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------
The U.S. Trustee for Region 14 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of GPMI Co.
The committee members are:
1. AmeriTemps AZ, LLC
Kathy Watzke, Regional Manager
7602 W. Indian School Rd. # C7
Phoenix AZ 85033
Phone: 623-680-2156
E-mail: kathyameritemps@hotmail.com
2. Rebel Converting, LLC
Mike Kryshak
11225 W. Heather Avenue
Milwaukee WI 53224
Phone: 262-235-4224
E-mail: Mike@rebelconverting.com
3. West Bend Packaging
Thomas R. Nelson, CFO
220 Laurel Rd., Suite 201
Voorhees NJ 08043
Phone: 856-470-1268
E-mail: nelsont@comar.com
4. Stepan Company
Attention: Wayne Molley
1101 Skokie Blvd., Suite 500
Northbrook IL 60062
Phone: 847-501-2203
E-mail: wmolley@stepan.com
5. Fibertex Nonwovens Inc.
Attention: Alan Zenner
27981 W. Concrete Dr.
Ingleside IL 60041
Phone: 815-349-3219
E-mail: alze@fibertex.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About GPMI Co.
GPMI Company is engaged in developing new concepts, innovating
products, program development, and marketing. GPMI is an Arizona
based company established in 1989, with production facilities
across the United States.
GPMI filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 22-00150) on Jan. 10,
2022, listing as much as $50 million in both assets and
liabilities. Yarron Bendor, president, signed the petition.
Judge Eddward P. Ballinger Jr. oversees the case.
Engelman Berger, PC, led by Steven N. Berger, Esq., serves as the
Debtor's legal counsel while MCA Financial Group, Ltd. serves as
its financial consultant.
GRUPO AEROMEXICO: Davis Polk Served as Lead Counsel in Chapter 11
-----------------------------------------------------------------
Davis Polk has served as lead counsel to Grupo Aeromexico, S.A.B.
de C.V. and certain of its affiliates in connection with their
chapter 11 proceedings in the United States Bankruptcy Court for
the Southern District of New York.
Aeromexico is Mexico's flagship carrier and the leading Mexican
airline in terms of fleet size and network. Aeromexico, which began
its operations in 1934, offers passengers a full-service, premium
experience to 85 global destinations, including every major city in
Mexico. As a founding member of SkyTeam, an alliance of 19
international airlines dedicated to providing passengers with a
seamless travel experience, Aeromexico connects Mexico with the
world. In addition, Aeromexico has a strategic partnership with
Delta that provides unique passenger flows in the Mexico-USA
market, one of the most dynamic markets in the world.
Due to the economic distress and travel restrictions that resulted
from the COVID-19 pandemic, Aeromexico was forced to commence the
Chapter 11 Cases on June 30, 2020. The cornerstone of Aeromexico's
joint plan of reorganization (the "Plan") is an exit financing
facility that provides Aeromexico with $720 million of new equity
capital through the issuance of new equity and up to $762.5 million
of new debt capital through the issuance of senior secured
first-lien notes. The exit financing will be used, among other
things, to (i) repay the DIP Facility, (ii) fund a cash payment of
$450 million to unsecured creditors and (iii) finance a transaction
that will result in PLM Premier, S.A.P.I. de C.V. the owner and
operator of Club Premier, Aeromexico's loyalty program  becoming
a wholly owned subsidiary of Aeromexico.
On December 10, 2021, the Bankruptcy Court approved Aeromexico's
Disclosure Statement and the solicitation of Aeromexico's Plan.
Holders of over $2.35 billion of claims voted to accept the Plan,
which represents 87.45% (by amount) of all votes tabulated on the
Plan. The Plan is premised on an estimated going concern total
enterprise value of $5.4 billion for Aeromexico, with a plan equity
value of $2.564 billion.
Following a two-day trial that included settlements on the virtual
courthouse steps with certain plan objectors, including the
Official Committee of Unsecured Creditors, the Bankruptcy Court
announced that it will confirm Aeromexico's Plan. As contemplated
by the Plan, Aeromexico will eliminate approximately $1.1 billion
of debt from its consolidated balance sheet.
The Davis Polk restructuring team includes partners Timothy
Graulich and Marshall S. Huebner, counsel Stephen D. Piraino, Josh
Sturm, Steven Z. Szanzer and associates Richard J. Steinberg and
Matthew B. Masaro. The litigation team includes partner James I.
McClammy and associate Cristina M. Rincon. The finance team
includes partner Vanessa L. Jackson. The mergers and acquisition
and corporate teams includes partners Maurice Blanco and Leo
Borchardt and associate Ernesto Talamás Velázquez. Members of the
Davis Polk team are based in the New York and London offices.
About Grupo Aeromexico
Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
https://www.aeromexico.com/ -- is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs. Aeromexico, Mexico's
global airline, has its main hub at Terminal 2 at the Mexico City
International Airport. Its destinations network features the
United States, Canada, Central America, South America, Asia and
Europe.
Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.
The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co
US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial
advisor and investment banker. White & Case LLP, Cervantes Sainz
S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors'
special counsel. Epiq Corporate Restructuring, LLC, is the claims
and administrative agent.
The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020. The committee is represented
by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP.
GULF COAST HEALTH: Seeks to Hand Over Last Nursing Facility
-----------------------------------------------------------
Bankrupt nursing home operator Gulf Coast Health Care asked a
Delaware bankruptcy judge Friday, Feb. 4, 2022, for approval to
hand off one of its last leased facilities to a publicly operated
hospital authority at the beginning of next month, March 2022.
In its motion, Gulf Coast said Blue Mountain Holdings -- the
landlord of its Cobblestone Rehabilitation and Healthcare Center in
Georgia -- had identified the Hospital Authority of Colquitt County
as a potential new operator that could take over the facility in
return for taking responsibility for repaying Medicare advances.
To recall, on Dec. 1, 2021, the Debtors successfully transitioned
the management of 23 of their 24 facilities (the "Omega
Facilities") in Florida and Mississippi leased from certain
affiliates and subsidiaries of Omega Healthcare Investors, Inc.
(collectively, the "Omega Landlords").
Now, the Debtors seek to effectuate a transition of the operations
of Cobblestone Rehabilitation and Healthcare Center (the
"Cobblestone Facility"), the Debtors' sole skilled nursing facility
in Georgia.
The Cobblestone Facility, along with Singing River Health and
Rehabilitation Center, Shelby Health and Rehabilitation Center, and
Lakeside Health and Rehabilitation Center (collectively with the
Cobblestone Facility, the "Blue Mountain Facilities"), are subject
to master leases with BME Gulf Coast LLC, 1108 Church Street MS
LLC, 101 Cobblestone Trace GA LLC, 3401 Main Street MS LLC, and 191
Highway 511 East MS LLC (collectively, the "Blue Mountain
Landlords").
The Debtors continued paying rent to the Blue Mountain Landlords
until October 2021, at which time the Debtors began discussions
with the Blue Mountain Landlords regarding the transition of the
Blue Mountain Facilities to new operators. At the outset of these
discussions and during the first few weeks of the Chapter 11 Cases,
the Blue Mountain Landlords insisted on continued payment of rent
for the Blue Mountain Facilities and filed objections to certain
first-day relief sought by the Debtors as well as the Debtors' DIP
Motion and RSA Motion. After several weeks of negotiations and in
advance of the final hearing regarding the DIP Motion, the Debtors
reached a tentative resolution with respect to the Blue Mountain
Landlords' outstanding issues, as memorialized in that certain Term
Sheet Among the Blue Mountain Landlords, Gulf Coast Health Care,
LLC and its Affiliated Debtors, and the DIP Lenders (the "Blue
Mountain Term Sheet").
Just as with the Omega Facilities, because of the substantial
operating shortfalls at the Blue Mountain Facilities and the need
to prioritize resident care, the Debtors aim to transition the
operations of the Cobblestone Facility (as well as the rest of the
Blue Mountain Facilities) as expeditiously as possible. To that
end, the Blue Mountain Landlords have identified Hospital Authority
of Colquitt County, d/b/a Colquitt Regional Senior Care (the "New
Operator"), as the proposed new operator for the Cobblestone
Facility under that certain Operations Transfer Agreement (the
"OTA"). Under the OTA, the operations transition date for the
Cobblestone Facility is anticipated to be March 1, 2022 (the
"Closing Date").
The OTA contemplates the offloading of substantial operating
shortfalls and liabilities and will ensure that critical and
life-sustaining care continues to be provided to the residents at
the Cobblestone Facility by New Operator without interruption.
Accordingly, the Debtors request that the Court (i) authorize the
Debtors to transfer the Cobblestone Facility and related assets to
New Operator through the transactions contemplated by the OTA, (ii)
authorize the Debtors to take all actions reasonably necessary or
desirable to implement the transactions, including rejecting and
terminating the Cobblestone Sublease, and (iii) approve the OTA.
About Gulf Coast Health Care
Gulf Coast Health Care, LLC is a licensed operator of 28 skilled
nursing facilities comprising nearly 3,350 licensed beds across
Florida, Georgia, and Mississippi. It provides short-term
rehabilitation, comprehensive post-acute skilled care, long-term
care, assisted living, and therapy services in each of its
facilities.
Gulf Coast Health Care and 61 affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11336) on Oct. 14,
2021. In the petition signed by Benjamin M. Jones as chief
restructuring officer, Gulf Coast Health Care listed up to $50
million in assets and up to $500 million in liabilities.
The cases are handled by Judge Karen B. Owens.
The Debtors tapped McDermott Will & Emery LLP and Ankura Consulting
Group LLC as legal counsel and restructuring advisor, respectively.
M. Benjamin Jones of Ankura serves as the Debtors' chief
restructuring officer. Epiq Corporate Restructuring, LLC, is the
claims, noticing and administrative agent.
On Oct. 25, 2021, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in the Debtors' Chapter
11 cases. Greenberg Traurig, LLP and FTI Consulting, Inc., serve as
the committee's legal counsel and financial advisor, respectively.
GUNSMOKE LLC: Court Converts Front Range's Case to Chapter 7
------------------------------------------------------------
Ken Amundson of BizWest reports a U.S. Bankruptcy judge on Feb. 1,
2022 converted the Front Range Gun Club bankruptcy case from
Chapter 11 reorganization to Chapter 7 liquidation, and as a
result, the gun club at 697 N. Denver Ave., Suite 128, has locked
its doors.
A notice on the business Web site said the business is "closed
pursuant to court order."
About Gunsmoke LLC
Gunsmoke, LLC, d/b/a as Front Range Gun Club, is a gun shop in
Loveland, Colo., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No.20-14962) on July 22,
2020. At the time of the filing, the Debtor had estimated assets
of between $100,001 and $500,000 and liabilities of between $1
million and $10 million.
Judge Joseph G Rosania Jr. oversees the case. The Debtor tapped
Jorgensen, Brownell & Pepin P.C. as legal counsel and Nickie Stobbe
of Profit Accounting Plus and Brian Jacobson of Haynie & Company as
its bookkeeper and accountant, respectively.
Affiliates Happy Beavers, LLC filed its voluntary Chapter 11
petition on July 17, 2020; and Armed Beavers, LLC filed for Chapter
11 on July 22.
Great Western Bank, as creditor, is represented by Michael C.
Payne, Esq.
GVS TEXAS: Updates Unsecured Claims Pay Details
-----------------------------------------------
GVS Texas Holdings I, LLC, and its Debtor Affiliates submitted a
Fourth Amended Joint Chapter 11 Plan and Fourth Amended Disclosure
Statement dated Feb. 1, 2022.
The Fourth Amended Disclosure Statement added this paragraph:
"Compliance with APA. The Debtors shall comply with the
requirements of Section 7.3 of the APA, including the payment and
indemnification of any taxes owed pre-Closing of the Sale or during
the taxable period that begins on or before Closing and ends after
Closing (such period defined as the "Straddle Period" in the APA).
Payment of the taxes estimated under this section shall be paid to
the Purchaser at Closing."
Class 5 consists of PropCo Debtor General Unsecured Claims. On the
Effective Date, or as soon as reasonably practicable thereafter the
Allowed amount of the PropCo Debtor General Unsecured Claims, along
with postpetition interest at the Federal Judgment Rate or contract
rate, as applicable, shall be paid in Cash from the available Net
Sale Proceeds. Class 5 is Unimpaired under the Plan.
Class 8 consists of Senior Mezz Debtor General Unsecured Claims. On
the Effective Date, or as soon as reasonably practicable thereafter
the Allowed amount of the Senior Mezz Debtor General Unsecured
Claims, along with postpetition interest at the Federal Judgment
Rate or contract rate, as applicable, shall be paid in Cash from
the Net Sale Proceeds. Class 8 is Unimpaired under the Plan.
Class 11 consists of Junior Mezz Debtor General Unsecured Claims.
On the Effective Date, or as soon as reasonably practicable
thereafter the Allowed amount of the Junior Mezz Debtor General
Unsecured Claims, along with postpetition interest at the Federal
Judgment Rate or contract rate, as applicable, shall be paid in
Cash from the available Net Sale Proceeds. Class 11 is Unimpaired
under the Plan.
The Debtors' Assets will be marketed pursuant to the Original
Bidding Procedures and, as appropriate, the Revised Bidding
Procedures, to effectuate the Sale and to generate Sale Proceeds to
be distributed in accordance with the Plan.
The actions to implement the Sale may include: (1) the execution
and delivery of appropriate agreements or other documents that are
consistent with the terms of the Plan and that satisfy the
applicable requirements of law and any other terms to which the
applicable Entities may agree; (2) the execution and delivery of
appropriate instruments of transfer, assignment, assumption, or
delegation of any asset, property, right, liability, debt, or
obligation on terms consistent with the terms of the Plan; (3) the
filing of appropriate certificates or articles of incorporation,
formation, reincorporation, merger, consolidation, conversion,
amalgamation, arrangement, continuance, or dissolution pursuant to
applicable state or provincial law; and (4) all other actions that
the applicable Entities determine to be necessary, including making
filings or recordings that may be required by applicable law in
connection with the Plan.
A full-text copy of the Fourth Amended Plan and Disclosure
Statement dated Feb. 1, 2022, is available at
https://bit.ly/3urduuD from Omni Agent Solutions, the claims
agent.
Counsel for the Debtors and Debtors in Possession:
Thomas R. Califano, Esq.
Charles M. Persons, Esq.
Maegan Quejada, Esq.
Jeri Leigh Miller, Esq.
Juliana L. Hoffman, Esq.
SIDLEY AUSTIN LLP
2021 McKinney Ave., Suite 2000
Dallas, Texas 75201
Tel: (214) 981-3300
Fax: (214) 981-3400
About GVS Texas Holdings I
GVS Texas Holdings I, LLC and its affiliates are primarily engaged
in renting and leasing a wide array of properties functioning
principally as self-storage and parking facilities in 64 locations
in Texas, Colorado, Illinois, Indiana, Mississippi, Missouri,
Nevada, New York, Ohio, and Tennessee. Six of the properties are in
the Dallas-Fort Worth Metroplex, with an additional 28 located
elsewhere in Texas. The properties are managed by Great Value
Storage, LLC.
GVS Texas Holdings I and its affiliates sought Chapter 11
protection (Bankr. N. D. Texas Lead Case No. 21-31121) on June 17,
2021. The parent entity, GVS Portfolio I C, LLC, filed a voluntary
Chapter 11 petition (Bankr. N. D. Texas Case No. 21-31164) on June
23, 2021. GVS Portfolio's case is jointly administered with that of
GVS Texas Holdings I. Judge Michelle V. Larson oversees the cases.
In its petition, GVS Texas Holdings I listed disclosed $100 million
to $500 million in both assets and liabilities.
The Debtors tapped Sidley Austin, LLP as bankruptcy counsel;
Houlihan Lokey Capital, Inc. as investment banker; and HMP Advisory
Holdings, LLC, doing business as Harney Partners, as financial
advisor. Getzler Henrich & Associates, LLC is the Debtors'
accountant.
HEILUX LLC: Wins Cash Collateral Access Thru June 28
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Minnesota has
authorized Heilux, LLC to use cash collateral -- which the Small
Business Administration, MEJJ Familia LLC, and William MacMillan
have an interest -- through June 28, 2022, on a final basis.
The Debtor will use cash to pay ordinary and necessary business
expenses and administrative expenses for the items and such use
will not vary materially from that provided for in the budget,
except for variations attributable to expenditures specifically
authorized by further Court order and payments to insiders and/or
persons that are not disinterested are not permitted absent further
Court order.
The Debtor will and is authorized to grant the Secured Creditors
replacement liens, to the extent of the Debtor's use of cash
collateral, in post-petition inventory, accounts, equipment, and
general intangibles, with such lien being of the same priority,
dignity, and effect as their respective pre-petition liens.
However, the replacement liens will exclude all causes of action
under Chapter 5 of the Bankruptcy Code.
The Debtor will also carry insurance on its assets and provide the
Secured Creditors with such reports and documents as they may
reasonably request.
A copy of the order is available at https://bit.ly/3JeOKKl from
PacerMonitor.com.
About Heilux, LLC
Heilux, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Minn. Case No. 21-42334) on December 28,
2021. In the petition signed by Michelle Bonahoom, acting CEO, the
Debtor disclosed up to $1 million in assets and up to $10 million
in liabilities.
Judge Katherine A. Constantine oversees the case.
Michael A. Stephani, Esq. at Best and Flanagan LLLP is the Debtor's
counsel.
HERTZ CORP: Appoints Goldman's Stephen Scherr as CEO
----------------------------------------------------
Hertz announced Feb. 4, 2022, that it has named Stephen M. Scherr
as Chief Executive Officer to lead the iconic rental car company as
it helps shape the next era in global mobility and travel.
Scherr will lead Hertz and its global workforce of nearly 25,000 in
its continued transformation to deliver products and services to
customers that meet their evolving needs. The company will execute
on its core priorities of shared mobility, electrification and a
digital-first customer experience by combining its expertise in
fleet management with new technology and a history of innovation.
In all, the Company's objective will be to drive growth and create
value for its stakeholders. Scherr will assume his role as CEO and
board member of Hertz on February 28, 2022.
"Hertz is an extraordinary brand and a resilient business that is
perfectly positioned to reshape how people move about in a safe,
convenient, affordable and more environmentally-friendly way," said
Scherr. "I am thrilled to join Hertz and lead the team as we put
our customers at the center of our business and partner with those
who believe in our vision for the future of mobility. We are
committed to giving our customers a world class experience
deserving of Hertz's storied 103-year history."
Scherr spent nearly three decades at Goldman Sachs leading a range
of strategic and operational functions, departing the firm as Chief
Financial Officer at the end of last year. He was a principal
architect and leader of the bank's new consumer business, helping
to build Marcus by Goldman Sachs and leading the launch of
AppleCard. In addition to his experience standing up a digital
consumer business, Scherr brings to Hertz deep experience in
building business partnerships, which will be particularly valuable
to Hertz as the company strengthens its relationships and alliances
across a range of industries.
"Stephen is the leader Hertz needs to grow our business and to have
a formidable position in the future of mobility and fleet
management," said Greg O'Hara, Chairperson of Hertz's Board and
founder and senior managing director at Certares. "He is a proven
strategist, innovator and leader with a track record of earning
customer loyalty."
"We have bold plans for Hertz over the long haul and we need a
leader who knows how to turn big ideas into reality while inspiring
people to work hard for change," said Tom Wagner, Hertz board
member and founder of Knighthead Capital. "Stephen has the
patience, tenacity and charisma needed to push Hertz forward. We
are certain that he will win the confidence of our valued
customers, our hard-working employees and the company's
investors."
Mr. O'Hara added: "We also want to thank Mark Fields for guiding
Hertz over the past several months as we successfully relisted and
established the foundation for the new Hertz. We look forward to
continue working with Mark as a director on our Board."
About Hertz Corp.
Hertz Corp. and its subsidiaries -- http://www.hertz.com/--
operate a worldwide vehicle rental business under the Hertz,
Dollar, and Thrifty brands, with car rental locations in North
America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand. They also operate a
vehicle leasing and fleet management solutions business.
On May 22, 2020, The Hertz Corporation and certain of its U.S. and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court for
the District of Delaware (Bankr. D. Del. Case No. 20-11218).
Judge Mary F. Walrath oversees the cases.
The Debtors have tapped White & Case LLP as their bankruptcy
counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis
& Co. as investment banker, and FTI Consulting as financial
advisor. The Debtors also retained the services of Boston
Consulting Group to assist the Debtors in the development of their
business plan. Prime Clerk LLC is the claims agent.
The U.S. Trustee for Regions 3 and 9 appointed a Committee to
represent unsecured creditors in Debtors' Chapter 11 cases. The
Committee has tapped Kramer Levin Naftalis & Frankel LLP as its
bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as
Delaware counsel, UBS Securities LLC as investment banker, and
Berkeley Research Group, LLC, as financial advisor. Ernst & Young
LLP provides audit and tax services to the Committee.
* * *
Hertz Global and its subsidiaries emerged from Chapter 11
bankruptcy at the end of June 2021. Hertz won approval of a Plan
of Reorganization that unimpaired all classes of creditors (who are
legally deemed to have accepted it) and was approved by more than
97% of voting shareholders. The Plan provided for the existing
shareholders to receive more than $1 billion of value.
Recovery by shareholders of close to $8 a share was made possible
after a fierce competition among bidders for control in the
company. Initial offers from potential bidders for Hertz in its
bankruptcy offered nothing for equity. Hertz in May 2021 selected
investment firms Knighthead Capital Management LLC and Certares
Management LLC, joined by joined by other investors including
Apollo Global Management Inc. and a group of existing shareholders,
as the winning bidders for control of the bankrupt company. A
rival group that included Centerbridge Partners LP, Warburg Pincus
LLC and Dundon Capital Partners LLC was outbid at auction.
Hertz's Plan eliminated over $5 billion of debt, including all of
Hertz Europe's corporate debt, and will provide more than $2.2
billion of global liquidity to the reorganized Company. Hertz also
emerged with (i) a new $2.8 billion exit credit facility consisting
of at least $1.3 billion of term loans and a revolving loan
facility, and (ii) an $7 billion of asset-backed vehicle financing
facility, each on favorable terms.
HILLENBRAND INC: Egan-Jones Hikes Senior Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company on January 12, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hillenbrand Inc. to BB+ from BB.
Headquartered in Batesville, Indiana, Hillenbrand, Inc.
manufactures and sells premium business-to-business products and
services.
INTELSAT JACKSON: Davis Polk Advised Agents in Private Placement
----------------------------------------------------------------
Davis Polk advised the placement agents in connection with the
section 4(a)(2) private placement by Intelsat Jackson Holdings,
S.A., of $3 billion aggregate principal amount of 6.500% first-lien
secured notes due 2030.
The proceeds of the notes will be used in part by Intelsat to
refinance existing debt and to fund distributions under the
reorganization plan confirmed by United States Bankruptcy Court for
Intelsat to emerge from chapter 11 bankruptcy.
As the foundational architects of satellite technology, Intelsat
operates the world's most trusted satellite telecom network.
Intelsat is building the future of global communications with the
world's first hybrid, multi-orbit, software-defined 5G network
designed for simple, seamless and secure coverage precisely when
and where their customers most need it.
The Davis Polk capital markets team included partner Marcel Fausten
and associates Joze Vranicar and Courtney Y. Sohn. The
restructuring team included partner Eli J. Vonnegut, counsel Aryeh
Ethan Falk and associates Stella Li and Helen Zhang. All members of
the Davis Polk team are based in the New York office.
About Intelsat S.A.
Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held
operator of satellite services businesses, which provides a diverse
array of communications services to a wide variety of clients,
including media companies, telecommunication operators, internet
service providers, and data networking service providers. The
Company is also a provider of commercial satellite communication
services to the U.S. government and other select military
organizations and their contractors. The Company's administrative
headquarters are in McLean, Virginia, and the Company has extensive
operations spanning across the United States, Europe, South
America, Africa, the Middle East, and Asia.
Intelsat S.A., based in L-1246 Luxembourg, and its
debtor-affiliates, including Intelsat Jackson Holdings S.A., each
filed a Chapter 11 petition (Bankr. E.D. Va. Lead Case No.
20-32299) on May 14, 2020. The petitions were signed by David
Tolley, executive vice president, chief financial officer, and
co-chief restructuring officer. In its petition, Intelsat SA
disclosed $11,651,558,000 in assets and $16,805,844,000 in
liabilities.
KIRKLAND & ELLIS LLP, and KUTAK ROCK LLP, as counsels; ALVAREZ &
MARSAL NORTH AMERICA, LLC as restructuring advisor; PJT PARTNERS LP
as investment banker; STRETTO as claims and noticing agent.
INTERDIGITAL INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on January 11, 2022, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by InterDigital Inc.
Headquartered in Wilmington, Delaware, InterDigital, Inc. designs
and develops technology for advanced digital wireless
telecommunications applications.
INTERTAPE POLYMER: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on January 10, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Intertape Polymer Group Inc.
Headquartered in Montreal, Canada, Intertape Polymer Group Inc. is
a packaging products and systems company which supplies retailers
and manufacturers.
JACK IN THE BOX: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on January 12, 2022, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Jack in the Box Inc. EJR also maintained its 'B'
rating on commercial paper issued by the Company.
Headquartered in San Diego, California, Jack in the Box is an
American fast-food restaurant chain founded February 21, 1951, by
Robert O. Peterson in San Diego, California, where it is
headquartered.
JOHNSON & JOHNSON: Faces Push for Global Ban of Talc Baby Powder
----------------------------------------------------------------
Jasper Jolly of The Guardian reports that healthcare company
Johnson & Johnson is facing an attempt to force a shareholder vote
to halt its sales of talc-based baby powder across the world,
including the UK, amid concerns over alleged links to cancer.
Johnson & Johnson (J&J) withdrew its talc-based baby powder from
sale in the US and Canada in 2020. Sales of baby powder had
dropped after US regulators detected carcinogenic chrysotile
fibres, a type of asbestos, in a sample.
The company is now facing more than 34,000 lawsuits including many
from women who claim they used baby powder and later developed
ovarian cancer.
The shareholder vote has been proposed by Tulipshare, a
London-based investment platform that allows customers to pool
shares in order to meet the threshold to submit resolutions for
shareholder votes. The proposal has been submitted to the US
Securities and Exchange Committee (SEC) to consider if it is
eligible ahead of J&J's annual meeting, expected in April.
Talc, the world's softest mineral, is mined in several countries,
with uses across industries as diverse as paper, plastics and
pharmaceuticals. Talc's astringent properties mean it is used to
treat nappy rash and for other personal hygiene uses.
However, talc deposits can sometimes be contaminated with asbestos,
a mineral that can cause cancer if its fibres enter the body. Corn
starch can be used as a replacement.
J&J strongly denies that its baby powder is harmful and said it
only pulled the product in North America after a slump in sales
"fuelled by misinformation around the safety of the product." A
spokesperson pointed to a 2020 cohort study that found no
statistically significant increased risk of ovarian cancer with
talc use.
A spokesperson said: "We stand behind the ingredients we use in our
products, and Johnson & Johnson has a rigorous testing standard in
place to ensure our cosmetic talc is safe. Not only is our talc
routinely tested to ensure it does not contain asbestos, but our
talc has also been tested and confirmed to be asbestos-free by a
range of independent laboratories, universities, and global health
authorities."
The barrage of legal claims "have no valid scientific basis." the
spokesperson said.
J&J's lawyers, Skadden, Arps, Slate, Meagher & Flom, have written
to the SEC asking that it exclude the shareholder resolution as
ineligible because it would affect pending lawsuits in state and
federal courts in the US and in other countries, including
"thousands of personal injury claims alleging that talc causes
cancer."
J&J has already spent billions on costs and settlements, including
a $2bn (£1.5bn) judgment by a Missouri appeals court in favour of
22 plaintiffs who suffered from ovarian cancer. In October, J&J
moved the potential liabilities for talc products into a separate
company, which then entered bankruptcy in a highly controversial
move that could limit its financial exposure.
Ian Lavery, a Labour MP, last year sponsored an early-day motion in
parliament condemning the "hypercritical and unjustifiable"
decision by J&J to continue to sell talcum powder products outside
North America. Lavery said he welcomed the attempt to force a
shareholder vote.
"It is shocking that products that we know can cause serious
illness through contamination with asbestos are still available to
buy in the UK, or anywhere else in the world for that matter," he
said.
"Any action taken against Johnson & Johnson, who continue to profit
handsomely from the sale of this harmful substance despite knowing
its potential effects, is welcome in my book."
About Johnson & Johnson
Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods. It is the world's largest and most broadly
based healthcare company.
Johnson & Johnson is headquartered in New Brunswick, New Jersey,
the consumer division being located in Skillman, New Jersey. The
corporation includes some 250 subsidiary companies with operations
in 60 countries and products sold in over 175 countries.
The corporation had worldwide sales of $82.6 billion in 2020.
About LTL Management
LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of Royalty A&M. Royalty A&M owns
a portfolio of royalty revenue streams, including royalty revenue
streams based on third-party sales of LACTAID, MYLANTA/MYLICON and
ROGAINE products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D. N.J. Case No. 21-30589) on
Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At
the time of the filing, the Debtor was estimated to have $1 billion
to $10 billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S.
Trustee for Regions 3 and 9 reconstituted the talc claimants'
committee and appointed two separate committees: (i) the official
committee of talc claimants I, which represents ovarian cancer
claimants, and (ii) the official committee of talc claimants II,
which represents mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
JOHNSON & JOHNSON: Too Late to Block Story Over Atty Leak Claim
---------------------------------------------------------------
Lauren Berg of Law360 reports that following Johnson & Johnson's
claim that plaintiffs' lawyers improperly leaked documents to
Reuters, the news agency told a New Jersey bankruptcy judge Friday,
Feb. 4, 2022, that the pharmaceutical giant can't block reporting
that it secretly planned a bankruptcy spinoff for months to limit
talc injury losses because the article has now been published.
In a letter to U.S. Bankruptcy Judge Michael B. Kaplan, Reuters
said the court should deny as moot a Thursday, Feb. 3, 2022,
request for a temporary restraining order from J&J and its bankrupt
talc unit, LTL Management LLC, seeking to prevent the story's
publication over concerns it used leaked confidential documents.
About Johnson & Johnson
Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods. It is the world's largest and most broadly
based healthcare company.
Johnson & Johnson is headquartered in New Brunswick, New Jersey,
the consumer division being located in Skillman, New Jersey. The
corporation includes some 250 subsidiary companies with operations
in 60 countries and products sold in over 175 countries.
The corporation had worldwide sales of $82.6 billion in 2020.
About LTL Management
LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of Royalty A&M. Royalty A&M owns
a portfolio of royalty revenue streams, including royalty revenue
streams based on third-party sales of LACTAID, MYLANTA/MYLICON and
ROGAINE products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D. N.J. Case No. 21-30589) on
Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At
the time of the filing, the Debtor was estimated to have $1 billion
to $10 billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee
for Regions 3 and 9 reconstituted the talc claimants' committee and
appointed two separate committees: (i) the official committee of
talc claimants I, which represents ovarian cancer claimants, and
(ii) the official committee of talc claimants II, which represents
mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
JOHNSON & JOHNSON: Tries to Block Reuters Story Publication
-----------------------------------------------------------
Maria Chutchian and Tom Hals of Reuters reports that Johnson &
Johnson tried to get a U.S. judge to block Reuters from publishing
a story based on what it said were confidential company documents
about the healthcare giant's legal maneuvers to fight lawsuits
claiming its Baby Powder caused cancer.
"The First Amendment is not a license to knowingly violate the
law," said the company in a filing late Thursday, February 3, 2022,
in U.S. Bankruptcy Court in New Jersey, where a unit of J&J had
sought bankruptcy protection while defending the Baby Powder
lawsuits. The First Amendment of the U.S. Constitution protects
freedom of the press.
On Friday, February 4, 2022, Reuters reported that J&J secretly
launched "Project Plato" last 2021 to shift liability from about
38,000 pending Baby Powder talc lawsuits to a newly created
subsidiary, which was then to be put into bankruptcy. By doing so,
J&J could limit its financial exposure to the lawsuits.
After the publication of the story, Reuters asked U.S. Bankruptcy
Judge Michael Kaplan to deny J&J's motion, claiming it was moot.
Less than an hour after Reuters submitted its letter, J&J said in a
filing that it was withdrawing a request for an immediate hearing
on the matter but was "not prepared to agree" that its request
regarding the documents was moot.
J&J said in its filing after the publication of the story that it
intends to continue discussions with Reuters and said it was
"heartened that publication of confidential documents may no longer
be imminent."
J&J's request to block publication was "among the most
extraordinary remedies a litigant can request under the law,"
attorneys for Reuters, a unit of Thomson Reuters, said in a Friday
court filing. The news agency's lawyers called J&J's request a
"prior restraint of speech on a matter of public interest."
J&J said Reuters had obtained documents that were protected from
public disclosure by an order from Judge Kaplan. The company
demanded that Reuters return the documents and refrain from
publishing information gleaned from the documents.
"This is a complex matter that should be heard by the court -- in a
forum where both sides present their cases in an appropriate
setting -- and not argued through the media," a J&J spokesperson
said in a statement on Friday, February 4, 2022.
Reuters denied that it has confidential information, saying in
court papers that the confidentiality of one of the documents was
lifted in January 2022 and that the second is not in the possession
of Reuters.
J&J's LTL unit filed for bankruptcy in October 2021 to resolve the
claims alleging J&J's talc-based products contained asbestos and
caused mesothelioma and ovarian cancer.
J&J maintains that its consumer talc products are safe and have
been confirmed to be asbestos-free.
The company has said it placed LTL into bankruptcy to settle those
claims rather than litigating them individually. It has said
resolving these claims through Chapter 11 is a legitimate use of
the restructuring process.
Talc plaintiff committees argue that J&J should not be permitted to
use bankruptcy to address the talc litigation and that by doing so,
it is depriving plaintiffs their day in court.
About Johnson & Johnson
Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods. It is the world's largest and most broadly
based healthcare company.
Johnson & Johnson is headquartered in New Brunswick, New Jersey,
the consumer division being located in Skillman, New Jersey. The
corporation includes some 250 subsidiary companies with operations
in 60 countries and products sold in over 175 countries.
The corporation had worldwide sales of $82.6 billion in 2020.
About LTL Management LLC
LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of Royalty A&M. Royalty A&M owns
a portfolio of royalty revenue streams, including royalty revenue
streams based on third-party sales of LACTAID, MYLANTA/MYLICON and
ROGAINE products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D. N.J. Case No. 21-30589) on
Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the
time of the filing, the Debtor was estimated to have $1 billion to
$10 billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee
for Regions 3 and 9 reconstituted the talc claimants' committee and
appointed two separate committees: (i) the official committee of
talc claimants I, which represents ovarian cancer claimants, and
(ii) the official committee of talc claimants II, which represents
mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
KNOX CLINIC: Ends Contract w/ Dr. DeYoung After Chapter 11 Filing
-----------------------------------------------------------------
Samuel Lisec and Tom Martin of The Register-Mail report that Mark
DeYoung, a family medicine doctor who has been in practice for over
20 years, was let go from Cottage Clinic-Knoxville on Wednesday
morning, a person working his office's front desk confirmed.
DeYoung will no longer be affiliated with Cottage Clinic-Knoxville
or Galesburg Cottage Hospital after Thursday, Feb. 3. DeYoung
received his medical degree from University of Michigan Medical
School, according to his profile on Cottage's website.
DeYoung's front desk operator did not want to be named and said
DeYoung is not talking to reporters. Cottage's Director for
Community and Staff Relations Courtney Bibo also refused to provide
a comment to The Register-Mail.
No one representing Cottage Hospital or Knox Clinic Corporation --
not Bibo nor CEO Sanjay Sharma -- will speak to The Register-Mail
about the clinic or the hospital.
The elimination of DeYoung's position follows a succession of
doctors leaving the clinic.
On Jan. 6, 2022 doctors Mark Davis, Tom Patterson, Craig Wilson,
Greg Schierer and Michael Scherer were informed that their
contracts were terminated.
"Knox Clinic will be filing a motion to reject your employment
contract," the letter from Cottage CEO Sanjay Sharma told those
doctors."Please note that you are not authorized to perform any
services for Knox Clinic post-petition, and pursuant to section
5.4(d) of your employment contract, due to the bankruptcy filing,
the employment contract is terminated."
Knox Clinic Corp. filed for chapter 11 bankruptcy Jan. 3, 2022.
Cottage Hospital closed its doors Jan. 8 and left up signs that the
hospital is temporarily closed. The hospital had lost its
certification and was informed it would no longer qualify for
Medicare or Medicaid payments. Sharma said earlier this month, the
hospital would appeal that Medicare decision. Although the doors
are locked the hospital still has a license and has not officially
closed.
In November 2021, pediatricians Frank Peppers and Amy Larson
announced they were leaving Cottage on Dec. 22. They are now
associated with OSF HealthCare.
Also several longtime doctors called it quits. Drs. Jeffrey Hill,
Robert Wagner, Robert Currie and Carl Strauch retired their
practices Dec. 31, 2021 at the professional building attached to
Cottage Hospital.
Earlier in September, 2021, Cottage announced 30 jobs had been
eliminated across its Galesburg hospital and clinics.
Quorum Health Corporation sold Galesburg Cottage Hospital to SBJ
Group Inc. of Austin, Texas, in June 2020.
About Knox Clinic
Knox Clinic, d/b/a as Cottage Clinic, is a medical group in
Galesburg, Illinois. It has 11 practice medical offices located in
1 state 4 cities in the USA.
Knox Clinic filed for chapter 11 bankruptcy on Jan. 3, 2022 (Bankr.
E.D. Mich. Case No. 22-bk-40018), estimating $100,000 to $500,000
in assets and less than $1 million in debt. The case is handled by
Honorable Judge Maria L. Oxholm. Robert N. Bassel is the Debtor's
counsel.
KOHL'S CORPORATION: Egan-Jones Keeps BB Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on January 12, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Kohl's Corporation.
Headquartered in Menomonee Falls, Wisconsin, Kohl's Corporation
operates a chain of family-oriented department stores.
LATAM AIRLINES: Azul Says Merger Plan Better
--------------------------------------------
Daniel Martinez Garbuno of Simple Flying reports that Brazilian
airline Azul has submitted a statement explaining LATAM's lack of
interest in the possible transaction between both carriers.
Last 2021, Azul Linhas Aereas was interested in acquiring LATAM
Airlines Group and even made a proposal as the South American giant
faced Chapter 11 proceedings; nonetheless, LATAM's management
rejected the possible transaction, and now Azul has filed a
statement looking to correct certain mischaracterizations and
omissions in the ill-fated process.
Crucial missing details
When LATAM Airlines Group filed its Chapter 11 Plan and Disclosure
Statement, the airline confirmed it had received certain
non-binding expressions of interest, including one from Azul. Azul
is one of Brazil's largest airlines.
On Nov. 11, 2021, Azul sent a letter proposing a general,
non-binding, and preliminary overview of a potential transaction.
Nonetheless, according to LATAM, this letter "did not provide any
process or timeline for the transaction and did not address various
regulatory concerns or other value and execution risks if such
transaction were pursued." Moreover, since LATAM filed its Chapter
11 plan within the Court-approved timeline, LATAM had exclusivity
on the matter, effectively shutting down any other alternatives.
According to Azul, its proposal had crucial missing details only
because LATAM declined any substantive engagement with Azul. The
Brazilian carrier added LATAM repeatedly rejected Azul's attempts
to begin a constructive dialogue. If that had happened, Azul could
have introduced a "value-maximizing transaction between the
airlines."
Azul's proposal
As LATAM went through a still-unfinished Chapter 11 bankruptcy
process, Azul saw the opportunity for consolidation. The airline
had a proposal for a business combination with LATAM Airlines,
submitted with select LATAM creditors.
This proposal included around US$5 billion of equity financing,
backstopped by creditors comprised of several financial
institutions, Azul said.
If approved, LATAM's new ownership would have been split between
Azul's current shareholders, LATAM creditors, and participants in
the equity financing. It would have been a massive merger between
Latin America’s first and second-largest airlines (by fleet
size).
A merger between both airlines would have significantly increased
network growth, and expanded the range of destinations, said Azul.
The synergies of the transaction would have been well over US$4
billion in incremental equity value above and beyond LATAM's
standalone plan.
Tam and Azul Airlines
At all times, LATAM categorically rejected Azul's plan. Moreover,
the same day Azul announced it would explore mergers and
acquisitions opportunities, LATAM "unilaterally terminated the
codeshare agreement" between both parties.
LATAM's plan proposes the infusion of US$8.19 billion into the
group. The money would enter through a mix of new equity,
convertible notes, and debt. Once LATAM emerges from the bankruptcy
process, it would have a total debt of approximately US$7.26
billion and liquidity of around US$2.67 billion, which is a
conservative debt load and appropriate liquidity, said the
airline.
When filing the plan, Roberto Alvo, LATAM's CEO, said,
"The infusion of significant new capital into our business is a
testament to their support and belief in our long-term prospects."
Currently, it is expected that LATAM will look to obtain the
judge's approval of its plan in the next few weeks. After that, the
airline would begin a voting process among its creditors (and could
receive some backlash, similarly to Aeromexico). LATAM aims to
obtain the Chapter 11 final approval in April.
Nonetheless, even if approved, Azul will continue to believe its
proposal "was superior and provided a more value-maximizing
transaction than the (LATAM) Plan."
About LATAM Airlines Group
LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.
Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.
LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.
The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.
The Hon. James L. Garrity, Jr., is the case judge.
The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.
The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP, as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC, as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.
The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.
Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.
LATAM AIRLINES: Plan 'Patently Unconfirmable,' Says Committee
-------------------------------------------------------------
The official committee of unsecured creditors of LATAM Airlines
Group S.A. said the company's plan of reorganization is "patently
unconfirmable" and, therefore, the exclusivity period should not be
extended.
In court papers filed in support of its earlier motion to terminate
the exclusivity period, the committee said LATAM's proposed plan
"violates virtually every fundamental norm of reorganization
practice."
According to the committee, the plan violates absolute priority
rule by giving LATAM's shareholders who are also insiders the
exclusive opportunity to purchase more than $1.5 billion in new
equity, by giving all shareholders the exclusive option to purchase
up to $800 million in new equity at the same discount, and by
permitting shareholders to retain equity value on account of their
shares for no consideration.
LATAM's plan also violates the equal treatment requirement of
Section 1123(a)(4) and the non-discrimination standard of Section
1129(b)(1) of the Bankruptcy Code by giving unsecured claims held
by members of the Evercore Group "a different and vastly superior
treatment" as compared to unsecured claims held by other creditors,
the committee further argued.
In December last year, the committee sought to terminate LATAM's
exclusivity period to allow others to file a competing plan such as
a plan based on a proposed transaction with Azul S.A., one of
LATAM's major competitors in Brazil.
About LATAM Airlines Group
LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.
Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.
LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.
The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.
The Hon. James L. Garrity, Jr., is the case judge.
The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.
The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP, as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC, as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.
The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.
Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.
LAW OFFICES OF BRIAN WITZER: Unsecureds Will Get 1.5% in 5 Years
----------------------------------------------------------------
Law Offices of Brian D. Witzer, Inc., filed with the U.S.
Bankruptcy Court for the Disclosure Statement describing Chapter 11
Plan of Reorganization dated Feb. 1, 2022.
The Debtor is a boutique litigation firm that represents plaintiffs
in catastrophic personal injury litigation involving products
liability, medical malpractice, construction defect, toxic torts,
automobile accidents, and premises liability. Declaration of Brian
D. Witzer.
The Debtor filed the case in order to reduce its obligations and to
reorganize.
This is a reorganizing plan that provides for payment to holders of
allowed claims over time. The timing of plan payments to
particular creditor groups will depend upon their classification
under the Plan. The Effective Date of the Plan shall be the first
business day that is 14 calendar days after the entry of the order
confirming the Plan, with payment beginning by the first day of the
following month.
General unsecured claims are unsecured claims not entitled to
priority under Code §507(a). In the present case, the Debtor
estimates that there are approximately $32,629,808 in general
unsecured debts.
Class 2B includes the business loans and the undersecured claims of
secured UCC-lienholders, whose claims are either bifurcated into
partially secured and partially unsecured claim or treated as a
completely unsecured claim. General unsecured claims classified in
Class 2B will receive a total of approximately 1.56% of their
claims in monthly payments over five year period of the Plan.
Holders of General Unsecured Claims will receive their pro-rata
share of $8,657.50 per month for a total of $519,450 the five year
period of the Plan. The payments will start on the first day of the
first month following the month within which the Effective Date
occurs.
Class 3 consists of the lone interest holder, which is Brian D.
Witzer, who is the Debtor's President and 100% shareholder. Mr.
Witzer will retain his equity interest in the Debtor.
Mr. Witzer is not a creditor of the Debtor. To keep his interest
in the Debtor, Mr. Witzer agrees to inject a one-time $20,000 new
value contribution from his personal account to satisfy the
absolute priority rule. The payment of the $20,000 new value
contribution will be made by Mr. Witzer on the Effective Date.
The Debtor will fund the Plan from the continued operation of its
law practice.
The Debtor's Plan pays $519,450 (approximately 1.5%) to unsecured
creditors which is more than creditors would receive in a Chapter 7
and thus payment to a Chapter 7 Trustee is unnecessary. Wherefore,
the Debtor's Plan satisfies the Best Interest Test.
A full-text copy of the Disclosure Statement dated Feb. 1, 2022, is
available at https://bit.ly/3GuVeTi from PacerMonitor.com at no
charge.
Attorneys for the Debtor:
Michael Jay Berger, Esq.
Law Offices of Michael Jay Berger
9454 Wilshire Boulevard, 6th Floor
Beverly Hills, CA 90212-2929
Tel: (310) 271-6223
Fax: (310) 271-9805
Email: michael.berger@bankruptcypower.com
About Law Offices of Brian D. Witzer
The Law Offices of Brian D. Witzer -- https://witzerlaw.com/ -–
is a law firm specializing in serious personal injury,
pharmaceutical litigation, traumatic brain injury, premises
liability, construction liability, product liability, sexual
assaults, and bad faith insurance.
The Law Offices of Brian D. Witzer sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 21 12517)
on March 29, 2021. In the petition signed by Brian D. Witzer, CEO
and owner, the Debtor disclosed up to $500,000 in assets and up to
$50 million in liabilities.
Judge Neil W. Bason oversees the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger,
is the Debtor's legal counsel.
LIVEWELL ASSISTED: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Livewell Assisted Living, Inc.
d/b/a Livewell Assisted Living and Care Home
6720 Pauline Drive
Chapel Hill, NC 27516
Business Description: Livewell Assisted Living, Inc. is part of
the continuing care retirement communities
industry.
Chapter 11 Petition Date: February 7, 2022
Court: United States Bankruptcy Court
Eastern District of North Carolina
Case No.: 22-00264
Debtor's Counsel: Travis Sasser, Esq.
SASSER LAW FIRM
2000 Regency Parkway
Suite 230
Cary, NC 27518
Tel: 919-319-7400
Fax: 919-657-7400
E-mail: travis@sasserbankruptcy.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Justin Beckett as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/VMMJYTY/Livewell_Assisted_Living_Inc__ncebke-22-00264__0001.0.pdf?mcid=tGE4TAMA
LOBLAW COS: Egan-Jones Keeps BB+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on January 12, 2022, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Loblaw Cos Ltd.
Headquartered in Brampton, Canada, Loblaw Companies Limited is a
retail and wholesale food distributor with operations across
Canada.
LTL MANAGEMENT: Can't Exclude Medicare Claims, Feds Say
-------------------------------------------------------
Rick Archer of Law360 reports that the United States on Friday,
Feb. 4, 2022, told a New Jersey bankruptcy judge that Johnson &
Johnson's talc liability spinoff company, LTL Management LLC,
should not be allowed to write an exclusion of Medicare and
government medical expenses claims into its talc settlement trust.
In the motion, the government argued it has the right to seek
reimbursement for Medicare or other payments made to treat
illnesses caused by exposure to Johnson & Johnson talc products,
and that LTL Management should not be allowed to include a
rejection of those claims in the documents establishing its talc
trust.
About LTL Management
LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of Royalty A&M. Royalty A&M owns
a portfolio of royalty revenue streams, including royalty revenue
streams based on third-party sales of LACTAID, MYLANTA/MYLICON and
ROGAINE products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D. N.J. Case No. 21-30589) on
Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the
time of the filing, the Debtor was estimated to have $1 billion to
$10 billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee
for Regions 3 and 9 reconstituted the talc claimants' committee
and
appointed two separate committees: (i) the official committee of
talc claimants I, which represents ovarian cancer claimants, and
(ii) the official committee of talc claimants II, which represents
mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
About Johnson & Johnson
Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods. It is the world's largest and most broadly
based healthcare company.
Johnson & Johnson is headquartered in New Brunswick, New Jersey,
the consumer division being located in Skillman, New Jersey. The
corporation includes some 250 subsidiary companies with operations
in 60 countries and products sold in over 175 countries.
The corporation had worldwide sales of $82.6 billion in 2020.
MACY'S INC: Egan-Jones Hikes Senior Unsecured Ratings to BB-
------------------------------------------------------------
Egan-Jones Ratings Company on January 12, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Macy's Inc. to BB- from B-.
Headquartered in Cincinnati, Ohio, Macy's, Inc. operates department
stores in the United States.
MAMTEK U.S.: Bankruptcy Nears End After 10 Years in Court
---------------------------------------------------------
Rudi Keller of Missouri Independent reports that the bankruptcy of
failed Moberly factory project is nearing its end after 10 years in
court.
Unsecured creditors will get less than a nickel on the dollar for
debts left by a Moberly economic development project that went bust
in 2011 as Missouri lawmakers worked on a plan to finance air
freight shipments from China.
A final report pending before U.S. Bankruptcy Judge Dennis Dow
describes how $2.1 million will be distributed among parties who
made claims totaling $41.5 million from the failed Mamtek project.
The report, filed by bankruptcy trustee Bruce Strauss on Jan. 25,
2022, caps 10 years of searching for money. He collected a total
of $4.7 million, with administrative costs and other expenses
taking $2.6 million of the total.
"This was a very complicated case both to ascertain what happened
and to seek recovery from parties all over the country," Mr.
Strauss said in an interview with The Independent.
When California businessman Bruce Cole brought the Mamtek project
to Missouri in 2010, he portrayed it as a venture funded by the
U.S. and Chinese investors that was built on manufacturing
processes already in use in China. It was touted as an example of
how partnerships between China and Missouri could make both more
prosperous and won an award for community impact based on its job
promises.
By early September 2011, the project was out of cash, had laid off
the four people it had hired and was in default on bonds issued to
finance construction. That was the same time the legislature was in
special session to work on a tax credit plan that would have
financed the Aerotropolis freight hub at Lambert International
Airport.
The similarity between the two projects — huge benefits promised
to a community willing to finance a deal with Chinese ties – and
Moberly suffering huge losses with nothing but the shell of a
building and a lower credit rating to show for it stalled the
special session.
House and Senate leaders said at the time that revelations about
Mamtek made rank-and-file members of both chambers nervous, and one
said it was a "flashpoint" for lawmakers concerned about expensive
economic development programs.
Attorney General Eric Schmitt's sponsorship of the Aerotropolis
plan while a member of the state Senate has now become an issue in
the Republican U.S. Senate primary. A new ad from a PAC supporting
former Gov. Eric Greitens, set to run during the broadcast of the
opening ceremonies of the 2022 Winter Olympics in Beijing, attacks
Schmitt for wanting to build "a cargo hub for airlines owned by the
Chinese Communist Party."
The bulk of the unsecured debt that will be settled if Dow approves
Strauss’ report is due to the $39 million borrowed by Moberly
through its industrial development authority to finance
construction.
Moberly acted on Cole's promise to employ up to 600 people, as
outlined in project documents sent out to communities across the
state by the Department of Economic Development. Then-Gov. Jay
Nixon joined Cole for a July 2010 announcement to tout the $17.6
million in state incentives for the plant.
The bonds were sold to investors in $5,000 increments and Strauss'
report lists an outstanding balance of $36 million, of which $1.65
million will be paid to the bond trustee, UMB Bank.
"If no objections are filed, the court will look at it, and if it
appears all in order, the court will enter an order authorizing me
to disperse the funds as set forth in the notice," Strauss said.
"It would be rare for the court to disapprove the final report."
Other payouts will be as small as $11.08 to Ameren Missouri to
settle a $242.16 utility bill and as large as $135,552 to settle a
$2.9 million claim from a company that supplied equipment for the
factory.
The project failed because the process for making the sweetener was
untried, Cole was unable to secure the promised private investment
to match Moberly's bond funds and estimates of construction costs
were not based on any finished plan.
But the biggest impediment was Cole's systematic looting of the
bond fund. By submitting phony invoices, he diverted $6.6 million
from construction, kept a large portion of the money and
distributed the rest to other California friends who played a role
in creating Mamtek.
In November 2014, Cole pleaded guilty to theft and securities fraud
and was sentenced to seven years in prison. He was released on
parole in 2018 and his efforts to overturn the conviction ended in
April 2021 when he lost at the Eastern District Court of Appeals.
The Mamtek collapse triggered numerous lawsuits. Investors sued the
companies that marketed the bonds, receiving settlements that
restored some but not all of their lost funds.
In addition to criminal charges, the Securities and Exchange
Commission won a ruling in California ordering Cole and his wife to
pay $1 million to disgorge the ill-gotten personal profits from
Mamtek. The ruling is currently under appeal.
And Strauss went into court repeatedly as the Coles fought over
money from the sale of a Beverly Hills home they rescued from
foreclosure with Moberly bond funds.
"This case would not have been as long as it was but for dealing
with Bruce Cole," Mr. Strauss said. "He litigated everything."
Finally, in 2019, the Coles were given $90,000, a debt to a Kansas
City law firm was paid and taxes the Coles owed to California on
the sale were paid.
"We reached a settlement that allowed him to take a bit of money,"
Strauss said, "but I needed to do that to bring this to a
conclusion."
About Mamtek U.S. Inc.
Mamtek U.S. Inc. was a company that had planned to open a sucralose
plant in Moberly Missouri. The project was to be owned by the city
but operated by Mamtek. In order to finance the Project, including
construction of the manufacturing facility, Mamtek relied heavily
on state tax incentives and bonds issued by the City. Additional
funding was supported by bonds issued by the Industrial Development
Authority of the City, which issued three series of bonds totaling
$39 million. Mamtek missed bond payments starting August 2011 and
the construction was halted.
UMB Bank, as trustee for $39 million bonds, and four other
creditors of Mamtek, filed involuntary bankruptcy petition for
Mametk (Bankr. W.D. Mo. Case No. 11-22092). The court, located in
Kansas City, granted UMB's request to appoint Bruce Strauss as
Mamtek's Chapter 7 bankruptcy trustee.
Mamtek U.S. is a unit of Mamtek International, a company based in
HongKong which purportedly operated a manufacturing facility
producing sucralose, branded "SweetO," in the Fujian Province of
China.
MCKESSON CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company on January 13, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by McKesson Corporation to BB from BBB.
Headquartered in Irving, Texas, McKesson Corporation distributes
pharmaceuticals, medical-surgical supplies, and health and beauty
care products throughout North America.
MERCYHURST UNIVERSITY: S&P Affirms 'BB' Rating on 2016 Bonds
------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB' long-term rating on the Erie Higher Education
Building Authority, Pa.'s series 2016 bonds issued on behalf of
Mercyhurst University.
"The outlook revision reflects the university's solid operating
performance during the pandemic despite enrollment declines and
sufficient financial resource ratios for the rating category," said
S&P Global Ratings credit analyst Ruchika Radhakrishnan. The
revised outlook also reflects S&P's view of the successful closure
of the university's North East campus and consolidation of its
operations in the Erie campus without a material drop in
enrollment, which is expected to lead to future operating
efficiencies.
S&P said, "We assessed Mercyhurst's enterprise profile as adequate,
reflecting falling enrollment in the past few years, weak
selectivity for the rating category, and a high tuition discount
rate. We assessed Mercyhurst's financial profile as vulnerable,
characterized by weak available resources ratios relative to
operations and debt, offset by close-to-breakeven operating results
in recent years before the inclusion of extraordinary relief funds
and a manageable pro forma debt burden. We believe these combined
credit factors lead to an indicative stand-alone credit profile of
'bb', and a final rating of 'BB'.
"The stable outlook reflects our opinion that available resources
will stay at or near current levels while management continues with
its initiatives to improve enrollment and operations. While we
understand that the university is working toward stabilizing
enrollment, we believe demand metrics, such as the acceptance rate,
will remain pressured in the near term."
Vaccine progress in the U.S. has helped alleviate some of the
health and safety social risks stemming from the pandemic; however,
the higher education sector remains at a greater risk from
remaining uncertainties. Mercyhurst has implemented a vaccine and a
booster requirement, with exceptions allowed on a case-by-case
basis, which addresses this risk to a certain extent. S&P said, "We
view the risks posed by COVID-19 to public health and safety as a
social risk under our ESG factors. Despite the elevated social
risk, we believe the university's environmental and governance
risks are in line with the sector standard."
S&P said, "We could consider a positive rating action if the
university reports at least stable enrollment and an improvement in
demand metrics, such as the freshman acceptance rate and retention
rate. We could also consider a positive rating action if Mercyhurst
improves its financial resource ratios to a level commensurate with
a higher rating and maintains a trend of at least breakeven
operating results, excluding the use of extraordinary relief
funds.
"We could consider a negative rating action if enrollment continues
to decrease materially or demand metrics continue to weaken; the
university posts sustained operating deficits on a generally
accepted accounting principles basis; available resources ratios
weaken, leading to cash flow issues; or there is additional debt
issuance, resulting in debt metrics more consistent with a lower
rating."
MERITOR INC: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on January 12, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Meritor Incorporated.
Headquartered in Troy, Michigan, Meritor, Inc. manufactures
automobile components for military suppliers, trucks, trailers, and
specialty vehicles.
MLK ALBERTA: Wins Cash Collateral Access
----------------------------------------
The U.S. Bankruptcy Court for the District of Oregon has authorized
MLK Alberta, LLC to use cash collateral on a final basis for the
payment of their expenses as outlined in the budget.
The Debtor requires the use of the cash collateral of Parkview
Financial REIT, LP, in order to continue its ordinary course
business operations and to avoid immediate and irreparable harm to
its bankruptcy estate.
As adequate protection for the Debtor's use of cash collateral,
Parkview is granted a replacement lien in the post-petition cash
collateral but acknowledges that the only assets it owns are the
building and the funds related to the building which were already
secured by Parkview.
The Debtor will continue to maintain business errors and omissions
operating insurance in in the amounts currently in place to protect
the assets.
The Debtor will also make monthly adequate protection payments
directly to Parkview.
The Debtor will stipulate to either file a plan of reorganization
that has a reasonable possibility of being confirmed within a
reasonable time, as provided in 11 U.S.C. Section (d)(3)(A), on or
before April 7, 2022, or commence making monthly contractual loan
payments to Parkview inclusive of the $5000 payment to Creditors.
In the event the Debtor requires the use of cash collateral in
excess of the amounts allowed in the Debtor's Budget, in the event
of an emergency, it is authorized to use those funds, up to
$10,000, to solve any immediate, ongoing hazards or concerns
without consent from Parkview. If an emergency condition arises
that will create the need to use more than $10,000 of cash
collateral, counsel for Debtor will immediately contact counsel for
Parkview to request authorization to use additional amounts, and
such consent will not be unreasonably withheld.
The Debtor's authority to use cash collateral pursuant to the terms
of the Order will automatically terminate upon default under the
terms of the Order, the conversion of the case to a case under
Chapter 7, the appointment of a trustee other than under Subchapter
V of Chapter 11, the dismissal of the case, or the entry of an
order confirming a plan of reorganization.
A copy of the order and the Debtor's monthly budget is available at
https://bit.ly/331tp7s from PacerMonitor.com.
The Debtor projects $19,143 in average monthly income and $6,380 in
total monthly expenses.
About MLK Alberta
MLK Alberta, LLC, a company in Portland, Ore., filed a Chapter 11
petition (Bankr. D. Ore. Case No. 22-30019) on Jan. 7, 2022,
listing up to $50 million in assets and $10 million in liabilities.
Meron Alemseghed, sole member of MLK Alberta, signed the petition.
Judge Teresa H. Pearson oversees the case.
Theodore J. Piteo, Esq., at Michael D. O'Brien & Associates, P.C.
serves as the Debtor's bankruptcy counsel.
MOUNTAIN PROVINCE: To Seek OK for New Loan at Feb. 28 Meeting
-------------------------------------------------------------
Mountain Province Diamonds Inc. has mailed to its shareholders a
notice of special meeting and management information circular and
related materials for a special meeting of shareholders to be held
on Feb. 28, 2022 at 11:00 a.m. Eastern Time. The record date for
determining the shareholders entitled to receive notice of and vote
at the Special Meeting was set at the close of business on Jan. 21,
2022.
At the Special Meeting, the Company will seek disinterested
shareholder approval for (i) the entry into a new US$50 million
junior secured term loan credit facility with an entity ultimately
beneficially owned by Dermot Desmond, and (ii) the issuance to the
Lender or another entity ultimately beneficially owned by Dermot
Desmond of warrants to purchase up to 41,000,000 common shares of
the Company for an aggregate exercise price of approximately
US$25,000,000. The Warrants will be exercisable in whole or in
part at any time up to the Maturity Date by paying US$0.60975 per
common share.
The Proposed Loan Agreement will mature on Dec. 15, 2027 and be
secured by substantially all of the properties and assets of the
Company and its subsidiaries on a junior basis to the Company's
existing second lien notes. The Proposed Loan Agreement will bear
interest at a rate of 8% per annum until Dec. 15, 2022, after which
the interest rate will be 2% per annum greater than the interest
rate on the debt that replaces or refinances the Company's existing
second lien notes, payable on a semi-annual basis. The Company
will be entitled to prepay the Proposed Loan Agreement at any time
prior to the Maturity Date without penalty.
The Company intends to issue the Warrants as partial consideration
for the extension of credit under the Proposed Loan Agreement. The
exercise price and number of common shares underlying the Warrants
will each be subject to customary anti-dilution adjustments.
Mark Wall, the Company's president and chief executive officer,
commented:
"This loan agreement represents a further vote of confidence from
our largest shareholder, and long-standing supporter Mr. Dermot
Desmond and positions the Company very well to execute on the
broader bond refinancing later this year. With the rough diamond
market fundamentals currently moving in our favour, the Company
expects to be well placed to execute on its strategy through 2022
and beyond. The Company's strategy being to optimize operations
and costs, focus on sustainability and CO2 emissions reduction,
effectively manage debt and grow the mine life through new
discoveries. This proposed loan agreement forms an integral part
of that plan."
Dermot Desmond is an insider and a related party of Mountain
Province. The Proposed Transactions therefore each constitute a
"related party transaction" within the meaning of Multilateral
Instrument 61-101 Protection of Minority Shareholders in Special
Transactions ("MI 61-101").
In accordance with MI 61-101 and the rules of the Toronto Stock
Exchange (the "TSX"), the shareholders' resolution approving the
Proposed Transactions must be passed by a simple majority of the
votes cast thereon by the disinterested shareholders present
electronically or by proxy at the Special Meeting, which excludes
the votes attached to common shares beneficially owned by Dermot
Desmond, Brett Desmond and Jonathan Comerford.
The Proposed Loan Agreement constitutes the borrowing of money
from, or the entering into of, a credit facility with a related
party. Accordingly, pursuant to Section 5.4(1) of MI 61-101, a
formal valuation in respect of the Proposed Loan Agreement is not
required.
In respect of the Warrants, Section 6.3(1) of MI 61-101 provides
the subject matter of a formal valuation are the non-cash assets
involved in a related party transaction. Pursuant to Section
6.3(2) of MI 61-101, because the non-cash assets, being the
Warrants, are securities of a reporting issuer, a formal valuation
in respect of the Warrants is also not required.
On Nov. 9, 2021, the board of directors of the Company established
a special committee of independent directors in connection with the
consideration and oversight of options to improve the Company's
capital structure and its short and long-term liquidity, including
by way of a restructuring or refinancing of its outstanding
indebtedness.
The review, direction and supervision of the Proposed Transactions
falls within the mandate of the Special Committee. Each member of
the Special Committee is independent of the Company's management
and the Lender and unrelated to the Proposed Transactions. The
Special Committee was advised by independent legal counsel and an
independent financial advisor, Eight Capital, in connection with
the Proposed Transactions.
The Special Committee has reviewed and considered the Proposed
Transactions and, giving due consideration to the best interests of
the Company and the impact on shareholders and the Company's other
stakeholders, unanimously concluded that the Proposed Transactions
are in the best interests of the Company and that the terms of the
Proposed Transactions are reasonable in the circumstances of the
Company.
The final form of the Proposed Loan Agreement, Warrants and other
definitive documents in respect of the Proposed Transactions will
be subject to approval by the Special Committee.
In addition to disinterested shareholder approval, the Proposed
Transactions are subject to final approval by the TSX.
About Mountain Province
Mountain Province Diamonds Inc. is a 49% participant with De Beers
Canada in the Gahcho Kue diamond mine located in Canada's Northwest
Territories. The Gahcho Kue Joint Venture property consists of
several kimberlites that are actively being mined, developed, and
explored for future development. The Company also controls 106,202
hectares of highly prospective mineral claims and leases that
surround the Gahcho Kue Joint Venture property that include an
indicated mineral resource for the Kelvin kimberlite and inferred
mineral resources for the Faraday kimberlites.
Mountain Province reported a net loss of C$263.43 million for the
year ended Dec. 31, 2020, compared to a net loss of C$128.76
million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the
Company had C$595.33 million in total assets, C$75.73 million in
current liabilities, C$374.71 million in secured notes payable,
C$750,000 in lease liabilities, C$70.44 million in decommissioning
and restoration liability, and C$73.70 million in total
shareholders' equity.
Toronto, Canada-based KPMG LLP, the Company's auditor since 1999,
issued a "going concern" qualification in its report dated March
29, 2021, citing that the Company has suffered recurring losses
from operations that raises substantial doubt about its ability to
continue as a going concern.
NAPA MANAGEMENT: Moody's Ups CFR to B2, Rates $610MM Term Loan B2
-----------------------------------------------------------------
Moody's Investors Service upgraded NAPA Management Services
Corporation's Corporate Family Rating to B2 from Caa1 and
Probability of Default Rating to B2-PD from Caa1-PD. Moody's also
assigned B2 ratings to the proposed $610 million new senior secured
term loan and $80 million revolver. The outlook is stable.
In the proposed transaction, NAPA will use the proceeds from the
new $610 million 1st lien term loan due 2029 to fully pay off all
its existing debt (approximately $555 million), contribute
approximately $40 million to balance sheet cash and cover
transaction fees. The company will also refinance and expand its
revolving credit facility. Post-refinancing, the company will have
access to an $80 million 1st lien revolver due 2027.
The upgrade of NAPA's CFR and senior secured first lien debt rating
reflects Moody's view that the company's leverage and liquidity
will materially improve after the transaction. The primary driver
for leverage improvement will be the inclusion of the American
Anesthesiology Inc. business (which was acquired by NAPA from
Mednax, Inc. in May 2020) within NAPA Management Services
Corporation's credit agreement. NAPA completed the integration of
American Anesthesiology Inc. in July 2021. NAPA will be the
borrowing entity and the parent company -- ASP NAPA Intermediate
LLC will be the financial reporting entity. Additionally, the
transaction will improve the company's liquidity by extending the
maturities of its debt and increasing the size of the company's
revolver.
Governance risk considerations are material to the rating action.
Moody's believes that the combination of American Anesthesiology
with the legacy NAPA business will expand the company's scale and
geographic diversity.
The following ratings were upgraded:
Issuer: NAPA Management Services Corporation
Corporate Family Rating to B2 from Caa1
Probability of Default Rating to B2-PD from Caa1-PD
The following ratings were assigned:
Proposed $610 million senior secured first lien term loan due 2029
at B2 (LGD4)
Proposed $80 million senior secured first lien revolver due 2027
at B2 (LGD4)
Outlook Action:
Outlook remains stable
RATINGS RATIONALE
NAPA's B2 CFR reflects the company's moderate leverage and an
aggressive growth strategy. If the company successfully executes
the transformation into a much larger company, Moody's projects
that the company's debt/EBITDA will be in mid-to-high 3.0 times at
the end of 2022. However, factors like the trajectory of COVID
pandemic, rising inflation and labor shortage in the healthcare
industry, and possible adoption of an aggressive financial policy
(add-on debt-funded acquisitions and/or dividends) have the
potential to slow down the company's deleveraging. Over the last
-18 months the company has devoted significant resources to
completing the integration of American Anesthesiology including
significant investments in the combined entities infrastructure.
Moody's believes that this preparation will help the company to
smoothy transition into one larger combined entity. Nevertheless,
given the scale of merger, some execution risk still remains.
The B2 CFR also reflects the company's expanded scale and
geographic diversification with a presence across 20 states, up
from 10 in 2016. The combined company will also more than double
its scale across several key metrics including sites and patients
served, clinicians and revenues. The CFR is supported by an
expectation that the demand for the company's services will remain
resilient despite the ongoing COVID pandemic.
The rating also reflects NAPA's very good liquidity profile. The
company will have approximately $49 million in cash and access to
an undrawn $80 million revolver when the proposed refinancing
transaction closes. In addition, Moody's expects that the company
will generate positive free cash flow in the range of $50-$60
million in the next 12 months.
After the refinancing transaction closes, the senior secured first
lien debt will represent the preponderance of the company's debt.
Therefore, the individual debt instrument (term loan and revolver)
ratings are the same as the company's corporate family rating.
In its stable outlook, Moody's views that the company will continue
to delever in the next 12 months primarily due to the inclusion of
profits from American Anesthesiology business. Pro forma for this
transaction, Moody's estimates that the company's debt/EBITDA will
be in mid-to-high 3.0 times range at the end of 2022. However,
factors like the trajectory of COVID pandemic, rising inflation and
labor shortage in the healthcare industry have the potential to
derail the company's deleveraging.
Social and governance considerations are material to the rating,
given the substantial implications for public health and safety.
The company was severely impacted by the coronavirus outbreak, but
the business volumes have largely recovered. As a provider of
clinician staffing, the company faces high social risk. The No
Surprises Act, which became effective in January 2022, takes the
patient out of the provider/payor dispute. The extent to which each
company will get impacted will depend on the percentage of
out-of-network patients they treat, specific billing and
collections practices, as well as arbitration process. While the
implementation of the No Surprise Act remains a social risk for the
sub-sector, Moody's notes that approximately 98% of NAPA's revenues
are in-network. Therefore, the company's exposure to the act is
low. Governance risk considerations are also material to the
rating. The company's financial policies are expected to remain
aggressive reflecting its partial ownership by the private equity
sponsor American Securities LLC and Leonard Green & Partners.
Moody's does not consider the environmental component of ESG
material to the overall credit profile of the issuer.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward rating pressure would be evidenced by successful integration
of American Anesthesiology, and commitment to a balanced financial
policy. Quantitatively, ratings could be upgraded if debt/EBITDA is
sustained below 4.0x using Moody's definitions.
Downward rating pressure would build if integration issues arise
from the merger, operating environment weakens, financial policies
become more aggressive, or liquidity erodes. Quantitatively,
ratings could be downgraded if debt/EBITDA is sustained above
5.5x.
Headquartered in Melville, NY, NAPA Management Services Corporation
is a leading provider of outsourced anesthesia and perioperative
services in the United States with over 30 years of experience as a
clinician-led, single specialty focused organization. The company
provides anesthesia and perioperative services to over 3 million
patients annually across various customer sites and care settings
including hospitals, ambulatory surgery centers and in office-based
settings. NAPA is owned by private equity sponsor American
Securities and Leonard Green & Partners. The company's revenue,
including the contribution of American Anesthesiology is
approximately 1.9 billion.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
NEOVASC INC: Wins Dismissal of Securities Class Action Complaint
----------------------------------------------------------------
Neovasc Inc. announced the complete dismissal of the consolidated
amended complaint in the shareholder class action case captioned In
re Neovasc Inc. Securities Litigation, Case No. 7:20-cv-09313,
filed in the United States District Court for the Southern District
of New York. The consolidated amended complaint was dismissed in
its entirety with prejudice and without leave to amend.
"From the beginning, we committed to vigorously defend against
these allegations," said Fred Colen, chief executive officer of
Neovasc. "We could not be more pleased with the Court's decision to
completely dismiss this action with prejudice, which is a clear
rejection of the claims advanced in this litigation. We intend to
continue to focus on our important mission of creating better
outcomes for difficult-to-treat cardiology patients as we move
forward."
About Neovasc Inc.
Neovasc -- www.neovasc.com -- is a specialty medical device company
that develops, manufactures and markets products for the rapidly
growing cardiovascular marketplace. The Company develops minimally
invasive transcatheter mitral valve replacement technologies, and
minimally invasive devices for the treatment of refractory angina.
Its products include the Neovasc Reducer, for the treatment of
refractory angina, which is not currently commercially available in
the United States (2 U.S. patients have been treated under
Compassionate Use) and has been commercially available in Europe
since 2015, and Tiara, for the transcatheter treatment of mitral
valve disease, which is currently under clinical investigation in
the United States, Canada, Israel and Europe.
Neovasc reported a net loss of $28.69 million for the year ended
Dec. 31, 2020, compared to a net loss of $35.13 million for the
year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had
$17.88 million in total assets, $15.90 million in total
liabilities, and $1.98 million in total equity.
Grant Thornton, LLP, in Vancouver, Canada, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated March 10, 2021, citing that the Company incurred a
comprehensive loss of $30.2 million during the year ended Dec. 31,
2020. These conditions, along with other matters, raise
substantial doubt about the Company's ability to continue as a
going concern as at Dec. 31, 2020.
NEXTIER OILFIELD: S&P Alters Outlook to Positive, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on NexTier Oilfield
Solutions Inc., a Houston-based provider of well completion
services, to positive from negative and affirmed the 'B' issuer
credit rating.
S&P said, "At the same time, we affirmed our 'BB-' issue-level
rating on the company's $350 million senior secured term loan due
in 2025. The '1' recovery rating indicates our expectation of very
high (90%-100%; rounded estimate: 95%) recovery of principal in the
event of a payment default.
"The positive outlook reflects our view that NexTier's credit
measures will continue to improve based on higher fleet utilization
and improved pricing amid the more supportive commodity price
environment. We expect funds from operations (FFO) to debt of more
than 60% over the next 12 months."
"Pressure pumping fleet utilization has improved significantly,
suggesting an improved outlook for the sector. We believe the
oversupply of equipment in the pressure pumping sector, which
weighed heavily on pricing and margins during the past two years,
is now more in balance with demand, with sectorwide utilization
estimated to be in the range of 90%. This improvement has been
driven by a combination of more supportive oil and gas prices,
which have encouraged higher levels of activity and spending by the
North American E&P companies, coupled with a material amount of
equipment rationalization. Equipment rationalization has included
consolidation of existing fleets to upgrade engines and other
components to increase per fleet hydraulic horsepower (HHP), as
well as retirements of older equipment. Based on discussions with
industry participants, we estimate that about 6 million-7 million
HHP capacity has been permanently removed from the market, with
current capacity at around 13.5 million HHP.
"The positive outlook reflects our view that credit measures will
strengthen in 2022. NexTier averaged 29 fully utilized fleets in
the fourth quarter 2021, almost double the 15 fleets it had
operating in the first quarter 2021. This higher fleet count and
our expectation of more constructive pricing dynamics provide
strong momentum for revenues and cash flow growth for NexTier in
2022. The company began 2022 with 31 fleets deployed and plans to
add one additional fleet in the first quarter. We expect capital
expenditures will be lower in 2022, following a year of high
spending related to fleet reactivations and upgrades. As a result,
we anticipate NexTier could generate about $90 million in positive
free operating cash flow in 2022. We expect FFO to debt to average
about 60%-70% (compared with about 20% in 2021) and debt to EBITDA
to average around 1.3x in 2022.
"The positive outlook reflects our view that NexTier will continue
to see improved demand for its services, benefiting from more
supportive oil and gas prices, which we expect will drive higher
spending and activity levels by E&P companies. We expect NexTier's
credit measures to improve over the next 12 months, including FFO
to debt in excess of 60%.
"We could raise the rating if NexTier's credit measures improved in
line with our expectations, including FFO to debt of over 60%, and
demonstrated its ability to generate sustained positive free
operating cash flow (FOCF). This would most likely result from
continued supportive commodity prices driving a higher activity and
spending by E&P companies, leading to improved demand and pricing
for services provided by NexTier. Alternatively, we could consider
raising the rating if NexTier meaningfully improved its business
risk to be more in line with higher-rated peers with a more diverse
set of product and service offerings.
"We could revise our outlook to stable if we no longer expected
credit measures to show a significant improvement in 2022, such
that FFO to debt approached 30% without a clear path to
improvement. This would most likely occur if oil and gas prices
declined below our current expectations, leading to reduced
spending and activity levels by E&P companies, reducing demand for
NexTier's services."
E-4 S-2 G-2
S&P said, "Environmental factors are a negative consideration in
our rating analysis on NexTier Oilfield Solutions Inc. due to our
expectation that the energy transition will result in lower demand
for services and equipment as accelerating adoption of renewable
energy sources lowers demand for fossil fuels. Additionally, the
industry faces an increasingly challenging regulatory environment,
both domestically and internationally, that has included limits on
fracking activity in certain jurisdictions, as well as the pace of
new and existing well permits, which we believe would negatively
affect demand for NexTier's services, which are primarily fracking
and other completions related services. We do note that NexTier has
invested in converting its fleet from diesel powered to gas or
dual-fuel capable, and continues to invest in its Power Solutions
business, which among its services provides field gas capture for
on-site use."
NORTONLIFELOCK INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on January 12, 2022, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by NortonLifeLock Inc.
NortonLifeLock Inc., formerly known as Symantec Corporation is an
American software company headquartered in Tempe, Arizona, United
States.
OCEAN VIEW MOTEL: Court Confirms 2nd Modified Plan
--------------------------------------------------
After an evidentiary hearing, the only objection to confirmation of
Ocean View Motel, LLC's Second Modified Plan came from Harry
Falterbauer regarding the cram down of his claim. Judge Andrew B.
Altenburg, Jr., of the United States Bankruptcy Court for the
District of New Jersey finds that the debtor's proposed treatment
of Mr. Falterbauer's claim is fair and equitable for purposes of
section 1129(b)(2), and accordingly holds that the plan may be
confirmed.
The debtor's principal, Mark Jones, and Mr. Falterbauer had
collaborated on many projects in Wildwood and North Wildwood, New
Jersey, and operated the Ocean View Motel there together until 2018
when they became unable to work with each other. Mr. Jones then
took over, paying Mr. Falterbauer an agreed amount under certain
loan documents. After Mr. Jones defaulted, the two settled state
court litigation with a Settlement Agreement entered into in June
2019. Part of that settlement included Mr. Jones signing
deeds-in-lieu of foreclosure in Mr. Falterbauer's favor to be filed
upon default.
The debtor's plan provides that Mr. Falterbauer be paid $1,630,629
amortized over 20 years at an interest rate of 6%. The debtor will
make monthly payments of $11,975.58 beginning June 15, 2022 and
ending December 15, 2026, at which time all sums will be due. The
plan further provides that the existing Note and the Settlement
Agreement and Release executed by the debtor on June 27, 2019 shall
be void, replaced by a new Promissory Note attached to the Plan. At
the confirmation hearing, the debtor agreed to increase the
interest rate to 7%, so the monthly payment amount will increase.
The amounts due will continue to be secured by the mortgages signed
in 2019.
Mr. Falterbauer objects to the elimination of the deeds-in-lieu. He
argues that they were a material aspect of the 2019 settlement of
obligations. He alleges that the debtor repeatedly defaulted on two
mortgages years ago and agreed to the deeds-in-lieu when facing a
sheriff sale. He argues that section 1129(b) could be interpreted
to include a recorded lien right, while conceding that the
deeds-in-lieu are not recorded but are possibly equitable rights
that should be respected. He also argues that it is unfair and
inequitable to make him start foreclosure proceedings all over in
state court, with the debtor being able to respond and Mr.
Falterbauer faced with the expense of that litigation.
The debtor cited cases standing for the proposition that a chapter
11 plan can change the agreement between a debtor and a secured
creditor. It argues that the factors in those cases do not support
that the modification of Mr. Falterbauer's rights is inequitable.
It argues that Mr. Falterbauer presented no evidence that
deeds-in-lieu are standard in New Jersey commercial lending
practices. It points out that Mr. Falterbauer is protected by a
large equity cushion, even using the lower, $2.1 million, value.
Finally, it argues that the feasibility of the plan would be
negatively impacted by the threat of this hostile creditor being
able to foreclose upon 30 days' delay in payment.
Judge Altenburg holds that Chapter 11 plans may "modify the rights
of holders of secured claims . . . ." allowing for satisfaction or
modification of any lien in a plan, so long as the modification is
fair and equitable under section 1129(b)(2)). As a modification is
part of a debtor's effort to cram down the plan on a dissenting
secured creditor, the terms need not be the result of "a negotiated
agreement between the parties."
A debtor may cram down a plan on a dissenting secured creditor
class so long as the plan is fair and equitable, Judge Altenburg
explains. "At minimum, a fully secured creditor is treated fairly
and equitably if it retains the lien securing its claim and
receives deferred cash payments with a present value equal to the
amount of its claim." Clearly, the Plan satisfies these minimal
elements as Mr. Falterbauer retains his liens securing his claim
and will receive deferred cash payments with a present value equal
to the amount of its claim, the judge points out.
But is elimination of the deeds-in-lieu themselves fair and
equitable for purposes of plan confirmation? Judge Altenburg says
that in determining whether modification of loan documents is
appropriate, some courts consider "(1) whether the proposed terms
and covenants unduly harm the secured creditor with respect to its
collateral position; and (2) whether the inclusion of terms and
conditions from the pre-bankruptcy loan documents would unduly
impair the debtor's ability to reorganize." In New Jersey, one
court considered "(i) the debtors' demonstration of feasibility;
(ii) the protections and risks to the secured creditor, and (iii)
the general reasonableness of the proposals in light of the
circumstances." In addition, the new terms "must not unduly shift
the risk relating to the operations and financial performance of
the reorganized debtor, and must be fair and equitable to the
secured creditor." Perhaps more compelling, the court has not
found, and Mr. Falterbauer admittedly cannot cite, any cases that
prohibit the modification of loan documents by elimination of terms
through the plan confirmation process, Judge Altenburg says. This
is not an unusual event in plan confirmation processes.
Mr. Falterbauer retains his prepetition liens on property worth
well more than the amount of his claim. If the debtor defaults, Mr.
Falterbauer's claim will accrue interest at 12%, compensating him
for the delay caused by having to go back to state court, and
protected due to the ample equity cushion, Judge Altenburg notes.
His attorney's fees and costs for that state court action will be
borne by the debtor, too.
The court agrees that the feasibility of the Plan, which also pays
over $26,000 to priority creditors and over $90,000 to unsecured
creditors, would be hampered by the ability of one unfriendly
creditor to end the debtor's operations upon default on his claim
only.
Mr. Falterbauer argues that the deed-in-lieu provision acts as
additional security for his loan. But while the deed-in-lieu
provision may provide security in the layperson sense of being free
from danger or threat, it does not operate as a security interest
in the legal sense, Judge Altenburg holds. Rather, it is a covenant
contained in the Settlement Agreement that provided him a remedy
upon default of foreclosing on his mortgages, the actual security
interests. Thus, the court does not credit this argument.
A full-text copy of the Memorandum Decision dated January 25, 2022,
is available at https://tinyurl.com/bdw8rkwm from Leagle.com.
About Ocean View Motel
Ocean View Motel, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D.N.J. Case No. 20-21165) on Sept. 30, 2020, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by McDowell Law, PC.
OUTFRONT MEDIA: S&P Alters Outlook to Positive, Affirms 'B+' ICR
----------------------------------------------------------------
S&P Global Ratings revised the outlook on Outfront Media Inc. to
positive from negative and affirmed its 'B+' issuer credit rating.
The positive outlook reflects S&P's expectation that Outfront will
recover to within 95% of 2019 revenue in 2022 and end the year with
leverage in the mid-5x area.
S&P said, "We expect Outfront's leverage will improve to the mid-5x
area in 2022. Outfront's billboard revenue growth exceeded our
expectations in the first three quarters of 2021. We expect
full-year 2021 billboard revenue will be roughly the same as in
2019. Outfront derives most of its billboard revenue from large
markets, which outperformed small markets in 2021 as they took
longer to recover from coronavirus restrictions. We believe
Outfront will also outperform the industry in 2022 mainly due to
the recovery in its transit revenue and return to 95% of 2019 total
revenue levels in 2022, which will reduce leverage to 5.5x by the
end of 2022 from the mid-6x area in 2021. We expect transit revenue
will make a full recovery to 2019 levels in 2023. Outfront's
leverage will decline to the prepandemic low-5x area or below by
the end of 2023."
The recovery in transit-related advertising will continue to lag
the outdoor advertising industry. About 15% of Outfront's
prepandemic U.S. revenue came from the New York Metropolitan
Transit Authority (MTA). The company is in the middle of a 13-year
contract it signed in the fourth quarter of 2017. It also has
transit contracts in Boston, the San Francisco Bay Area, and
Washington, D.C. In total, transit revenue accounted for nearly a
third of prepandemic revenue. S&P said, "We expect Outfront's
transit revenue will remain weak until at least 70% of prepandemic
ridership returns. Transit revenue in 2021 recovered faster than
actual ridership, which we believe does not need to fully recover
before transit revenue recovers to 2019 levels. MTA ridership
increased over the second half of 2021, but that stalled due to the
delta and omicron coronavirus variants, which delayed companies'
return-to-office plans. We expect ridership to resume its recovery
when the omicron variant subsides, but new variants will likely
continue to pose a risk to city centers."
The recent rapid spread of the omicron variant highlights the
inherent uncertainties of the pandemic as well as the importance
and benefits of vaccines. While the risk of new, more severe
variants displacing omicron and evading existing immunity cannot be
ruled out, our current base case assumes that existing vaccines can
continue to provide significant protection against severe illness.
Furthermore, many governments, businesses, and households around
the world are tailoring policies to limit the adverse economic
impact of recurring COVID-19 waves. S&P said, "Consequently, we do
not expect a repeat of the sharp global economic contraction of
second-quarter 2020. Meanwhile, we continue to assess how well each
issuer adapts to new waves in its geography or industry."
S&P said, "The omicron variant has delayed return-to-office plans,
but we do not believe it has changed businesses' views on the
trend. Subway and commuter rail ridership in New York are
recovering slower than bus system and rail transit ridership in
other cities. We believe this is because New York's rail system
depends more on commuters. As more companies return to offices, we
expect Outfront's transit revenue will recover to about 80% of 2019
levels in 2022 and prepandemic levels in 2023.
"We expect Outfront's discretionary cash flow to remain negative in
2022 and turn positive in 2023. Outfront amended its contract with
the MTA in mid-2021 to reduce its overall net deployment spending.
However, we expect its net deployment spending will still weigh
heavily on cash flow in 2022 before becoming less of a burden in
2023. Additionally, we expect the company to resume paying common
dividends in the $125 million-$175 million range over the next 12
months. We still believe the MTA deployment spending, which is
related to converting static displays to digital displays, provides
long-term upside because the company can charge higher rates for
digital displays than static displays. But this upside is now
somewhat tempered by the risk that ridership may not return to
prepandemic levels. Including acquisitions, debt repayment, and
dividends, we expect total cash burn to be roughly $120
million-$140 million in 2022 and flip to positive discretionary
cash flow of $50 million-$70 million in 2023. The company had about
$510 million cash on the balance sheet as of Sept. 30, 2021, and an
undrawn $500 million revolving credit facility, which provides more
than enough liquidity to fund the deficit in 2022.
"The positive outlook reflects our expectation that Outfront's
leverage will decline close to or below our 5.5x upgrade threshold
by the end of 2022. This scenario considers total revenue
recovering to within 95% of 2019 levels in 2022, based on exceeding
2019 billboard revenue and reaching about 80% of 2019 transit
revenue.
"We could revise the outlook to stable if we expect its leverage to
remain above 5.5x when the pandemic subsides. This could occur if
public transit ridership does not show signs of significant
improvement in 2022 such that we believe Outfront will never
recover to prepandemic transit revenue."
S&P could raise the rating on Outfront if:
-- S&P expects its leverage to decline and remain below 5.5x for
the next 12 months; and
-- MTA ridership increases above 70% of 2019 levels and S&P
believes it will remain there despite uncertainties related to the
ongoing coronavirus pandemic.
ESG credit indicators: E-2 S-3 G-2
PARTNERS A TASTEFUL: Has Final OK to Access Cash Collateral
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
has authorized Partners, A Tasteful Choice Company to use cash
collateral on a final basis in accordance with the budget, with a
10% variance.
The Debtor requires the continued use of cash collateral to
minimize disruption and avoid termination of its operations, and
thereby avoid immediate and irreparable harm to its business.
The Debtor is permitted to use cash collateral to fund the
reasonable, necessary, and ordinary costs and expenses of its
operations.
Wells Fargo Bank, National Association extended certain prepetition
credit facilities to the Debtor including without limitation a line
of credit, together with a letter of credit issued under a Standby
Letter of Credit Subfeature, a term loan, and a Business Elite Card
commercial credit card account.
The WF Obligations continue to accrue interest, fees and costs from
and after the Petition Date.
As of the Petition Date, the aggregate outstanding balance of the
WF Obligations is approximately $10,509,514, which amount includes
$500,000 committed under the Standby Letter of Credit Subfeature.
The WF Obligations are secured by liens on substantially all of the
Debtor's assets.
Wells Fargo is entitled, under 11 U.S.C. section 363(e), to
adequate protection of its interest in the Pre-Petition Collateral
securing the WF Obligations including without limitation cash
collateral, and, subject to a motion and hearing, the aggregate
diminution in the value of Wells Fargo's interests in the
Pre-Petition Collateral from and after the Petition Date.
As a component of adequate protection, the Debtor will make monthly
interest-only payments to Wells Fargo at the rate of daily
one-month LIBOR plus 1.20% commencing on or about February 21,
2022, and continuing monthly thereafter on the 21st day of each
month or the first business day thereafter.
For adequate protection as against any WF Diminution, Wells Fargo
is granted valid, binding, enforceable, and perfected security
interests and liens to the extent and validity of, and in the same
priority as the WF Pre-Petition Liens in the same type of property
as the Pre-Petition Collateral.
The WF Replacement Liens are and will be in addition to the WF
Pre-Petition Liens, and will remain in full force and effect
notwithstanding any subsequent conversion or dismissal of the
Debtor's bankruptcy case.
The WF Replacement Liens are deemed perfected without the necessity
for filing or execution of documents which might otherwise be
required under nonbankruptcy law for the perfection of said
security interests.
To the extent of any WF Diminution that is not otherwise adequately
protected by the Monthly Payments or the WF Replacement Liens
granted, or to the extent the Debtor fails to make any Monthly
Payments, Wells Fargo will have superpriority over any and all
administrative expenses of any kind.
The Debtor's authority to use cash collateral will terminate
automatically upon the occurrence of any of these events:
a. the Debtor's material breach of the Court's Order or the
Budget and the Court's entry of an Optional Termination Order;
b. entry of an order that stays, reverses, vacates, or
modifies the Order in any material respect without the prior
written consent of Wells Fargo, unless such order otherwise
provides; or
c. entry of an order dismissing or converting the case, or
appointing a trustee in the Chapter 11 case.
A copy of the order and the Debtor's 13-week budget through April
2022 is available at https://bit.ly/3ovirPc from PacerMonitor.com.
The Debtor projects $4,823,546 in total receipts and $4,722,101 in
total payments.
About Partners, A Tasteful Choice Company
Partners, A Tasteful Choice Company is a second-generation family
owned bakery business based in Des Moines, Wash.
Partners filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 22-10060) on
Jan. 13, 2022, listing $25,975,698 in assets and $17,302,865 in
liabilities. Cara Figgins, president, signed the petition.
Judge Timothy W. Dore presides over the case.
The Debtor tapped Thomas A. Buford, Esq., at Bush Kornfeld, LLP as
bankruptcy counsel; Byrnes Keller Cromwell, LLP and Carney Badley
Spellman, PS as special counsels; and Stapleton Group, Inc. as
financial advisor.
PATH MEDICAL: March 17 Disclosure Statement Hearing Set
-------------------------------------------------------
Judge Scott M. Grossman has entered an order within which March 17,
2022 at 1:30 pm at the United States Bankruptcy Court, 299 E.
Broward Blvd. #308, Ft. Lauderdale, FL 33301 is the hearing to
consider approval of the disclosure statement for Path Medical LLC,
and Path Medical Center Holdings, Inc.
In addition, March 10, 2022 is fixed as the last day for filing and
serving objections to the disclosure statement.
A full-text copy of the order dated Feb. 1, 2022, is available at
https://bit.ly/3ostgBC from PacerMonitor.com at no charge.
Attorney for the Debtors:
Brett Lieberman, Esq.
Morgan B. Edelboim, Esq.
EDELBOIM LIEBERMAN REVAH PLLC
20200 West Dixie Highway, Suite 905
Miami, FL 33180
D: 305-768-9909
F: 305-928-1114
E-mail: brett@elrolaw.com
morgan@elrolaw.com
About Path Medical
Path Medical Center Holdings, Inc., is the 100% owner and sole
member of Path Medical, LLC. In addition to its ownership of Path,
Holdings is an employee leasing company for Path. Path is a
healthcare company with 24 clinics across the state of Florida.
Path Medical, LLC, and Path Medical Center Holdings filed their
voluntary petitions for Chapter 11 protection (Bankr. S.D. Fla.
Lead Case No. 21-18338) on Aug. 28, 2021. Manual Fernandez, chief
executive officer, signed the petitions.
At the time of the filing, Path Medical listed $30,047,477 in
assets and $86,494,715 in liabilities while Path Medical Center
listed $220,060 in assets and $76,988,419 in liabilities.
Judge Scott M. Grossman oversees the cases.
Brett Lieberman, Esq., at Edelboim Lieberman Revah Oshinsky, PLLC,
is the Debtor's legal counsel. The Official Committee of Unsecured
Creditors tapped Greenberg Traurig, P.A., to serve as its counsel,
and Province Inc. to serve as its financial advisor.
PATTERSON COS: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on January 14, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Patterson Cos Inc.
Headquartered in Saint Paul, Minnesota, Patterson Companies Inc.
distributes dental products, veterinary supplies for companion
pets, and rehabilitation supplies.
PLUTO ACQUISITION: S&P Alters Outlook to Stable, Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings affirmed all ratings, including its 'B-' issuer
credit rating on Dallas-based home health, personal care, and
hospice services provider Pluto Acquisition I Inc.'s (doing
business as AccentCare Inc.) and revised its outlook to stable.
The stable outlook reflects its expectation for adjusted debt to
EBITDA of 8x-10x and adjusted FOCF to debt of 2%-5% over the next
couple of years. These credit measures are supported by assumption
of mid-single-digit organic revenue and modest EBITDA margin
expansion.
S&P said, "Operating costs that are trending higher than we had
previously anticipated. COVID-19 case counts have been volatile
over the past few quarters owing to the emergence of new variants,
such as delta and omicron. More employees have needed to
self-isolate, which has created some cost inefficiencies. In our
view, these inefficiencies have contributed to profitability that
is trending below what we had previously expected during the first
nine months of 2021 and our expectation for adjusted EBITDA margins
of 8%-10% over the next couple of years, which is lower than our
prior estimates. Our forecast assumes gradual improvement from the
bottom to higher end of that range through 2023 driven primarily by
lower operating expenses as the labor situation improves.
Additionally, we expect mid-single-digit organic revenue growth
over the next several years. Under these assumptions, we expect
adjusted debt to EBITDA of just under 9x in 2022 and just under 8x
in 2023, and adjusted free operating cash flow (FOCF) to debt of
2%-5% over the next couple of years.
A tighter labor market and quarantines have resulted in higher
operating expenses. The company continues to face a challenging
labor environment, with persistent wage pressures in certain
geographic areas and increased difficulty retaining staff. This is
a widespread issue affecting many service providers, including
those that complete with AccentCare. As a result, the company is
utilizing more contracted labor, which is typically more expensive,
thereby contributing to higher costs per visit and constraining
EBITDA margins. S&P said, "We expect the company will continue to
focus on staff retention efforts to meet the strong referral demand
in the business. Recent COVID-19 variants have hampered the
company's ability to meet demand as staff are forced to quarantine.
Quarantines in recent quarters have led to idle labor, further
pressuring profitability; at certain points during over the past
few quarters, nearly 2%-3% of the company's staff was in
quarantine. We expect the company will continue to see some
disruptions in 2022 that should improve in the back half of the
year."
S&P said, "The company's integration efforts are in line with what
we had expected, and synergies should be fully realized in 2022.
The company has made progress on its efforts, including the
completed integration of Fairview (acquired in November 2020 for
about $69 million) and will now focus on the remaining efforts,
including Seasons (acquired in December 2020 for about $733
million). Although integration risks remain, we expect operating
efficiencies will improve and expand capacity utilization,
resulting in steady revenue and profitability growth.
"We expect minimal FOCF generation and elevated leverage over the
next couple of years. We expect cash flow pressures on working
capital as the company returns COVID relief benefits. Additionally,
although leverage will remain elevated, we expect the company will
continue its growth strategy. The industry remains very competitive
and fragmented, with only modest potential for differentiation and
limited barriers to entry. We expect the company will focus on
increasing its capacity while maintaining an acquisitive growth
strategy, despite high leverage.
"Our rating on AccentCare continues to reflect the highly
fragmented and competitive home health services industry.
AccentCare operates in the home health services industry, which we
consider highly fragmented and commodity-like, with low barriers to
entry. It also reflects the company's significant exposure to
reimbursement risk, limited geographic diversification, and
profitability, which we view as below average for the health care
services industry. The company has made some sizable acquisitions
over the past couple of years, including Seasons and Fairview,
which were largely debt funded, but enhanced the company's scale
and diversification from a geographic, business line, and payor mix
perspective. Our assessment of AccentCare also incorporates its
focus on quality, strong relationships with referring hospitals
(including various joint ventures), relatively flexible cost
structure that is mostly variable, and limited capital expenditure
(capex) requirements.
"The stable outlook reflects our expectation for adjusted debt to
EBITDA of 8x-10x and adjusted FOCF to debt of 2%-5% over the next
couple of years. These credit measures are supported by assumption
of mid-single-digit organic revenue and modest EBITDA margin
expansion despite the tight labor market and pandemic disruptions
as it continues to realize value from integration efforts over the
next 12 months.
"We could lower our rating on AccentCare within the next 12 months
if we consider the company's capital structure unsustainable over
the long term. This could occur if we expect FOCF generation to be
insufficient to cover its fixed charges for a sustained period,
potentially due to weaker profitability or growth prospects than we
currently assume.
"We could raise our rating on AccentCare within the next 12 months
if we expect adjusted debt to EBITDA below 7x and adjusted FOCF to
debt to remain above 3%. This could occur if the company improves
EBITDA margins much higher than we anticipate while maintaining
positive long-term organic growth prospects."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis. Our assessment of the
company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of the
controlling owners, in line with our view of the majority of rated
entities owned by private-equity sponsors. Our assessment also
reflects the generally finite holding periods and a focus on
maximizing shareholder returns."
POST HOLDINGS: Egan-Jones Keeps B Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on January 10, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Post Holdings Inc.
Headquartered in St. Louis, Missouri, Post Holdings, Inc. operates
as a holding company.
PT PAN BROTHERS: Chapter 15 Case Summary
----------------------------------------
Chapter 15 Debtor: PT Pan Brothers Tbk
Jalan Raya Prabu Siliwangi No. 178
Kelurahan Alam Jaya
Kecamatan Jatiuwung
Kota Tangerang, Provinsi Banten
Indonesia
Type of Business: Pan Brothers is a garment manufacturer,
conducting business operations in
Indonesia, Singapore and other
countries. The Debtor is incorporated
in Indonesia, having been founded in
1980 and listed on the Indonesian stock
exchange since 1990. The corporate
members of the Pan Brothers Group
specialize in the manufacturing of
outdoor functional and performance
apparel, as well as sport-inspired and
premium lifestyle apparel from woven,
knit, technical nylon, natural-down, and
GORE-TEX materials.
Foreign Proceeding: In the matter of Part 5 of the
Insolvency, Restructuring and
Dissolution Act (Act 40 of 2018) and In
the matter of Part 5 and Section 71(1)
of the Insolvency, Restructuring
Dissolution Act 2018 (Act 40 of 2018),
PT Pan Brothers Tbk, High Court of the
Republic of Singapore (the "Singapore
Court") Case No.: HC/OS 1301/2021
Chapter 15 Petition Date: February 4, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-10136
Judge: Hon. Martin Glenn
Foreign Representative: Geoffrey David Simms
c/o PT AJCapital Advisory
88@Kasablanka Office Tower A, 22nd Floor
Jl Casablanca Raya Kav. 88
Jakarta 12870
Indonesia
Foreign
Representative's
Counsel: Frank Grese, Esq.
Richard Solow, Esq.
BAKER & MCKENZIE LLP
425 Fifth Avenue
New York, NY 10018
Tel: 212-626-4100
Fax: 212-310-1600
Email: frank.grese@bakermckenzie.com
richard.solow@bakermckenzie.com
- and -
Mark D. Bloom, Esq.
BAKER & MCKENZIE LLP
1111 Brickell Avenue, Suite 1700
Miami, Florida 33131
Tel: (305) 789-8900
Fax: (305) 789-8953
Email: mark.bloom@bakermckenzie.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/PNRU4KQ/PT_Pan_Brothers_Tbk_and_Geoffrey__nysbke-22-10136__0001.0.pdf?mcid=tGE4TAMA
PURDUE PHARMA: Asks Court for Another Opioid Suit Freeze Extension
------------------------------------------------------------------
Nathan Hale of Law360 reports that Purdue Pharma has asked a New
York bankruptcy judge for another extension on the opioid
litigation injunction that has been in place since it filed for
bankruptcy, citing word that a settlement agreement is near on a
modified reorganization plan and the considerable work that would
follow.
In a motion filed Thursday, Feb. 3, 2022, the pharmaceuticals giant
asked U. S. Bankruptcy Judge Robert D. Drain to enter a 14-day
bridge order extending what has been a two-year freeze on more than
2,600 opioid-related lawsuits from its current expiration on Feb.
17, 2022 to instead run through March 3, 2022.
About Purdue Pharma LP
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain oversees the cases.
The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk LLC is the claims agent.
Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.
David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.
* * *
U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.
Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus
some
Canadian local governments and other Canadian entities.
Purdue filed its Chapter 11 Plan on March 15, 2021. A 12th amended
Chapter 11 plan was filed on Sept. 2, 2021, which was confirmed on
Sept. 17. Purdue divides the claims against it into several
categories, one of which it calls "PI Claims," consisting of claims
"for alleged opioid-related personal injury." The plan provides
for the creation of the "PI Trust," which will administer all PI
Claims. The trust will be funded with an initial distribution of
$300 million on the effective date of the Chapter
11 plan, followed by a distribution of $200 million in 2024, and
distributions of $100 million in 2025 and 2026. In sum, "[t]he PI
Trust will receive at least $700 million in value, and may receive
an additional $50 million depending on the amount of proceeds
received on account of certain of Purdue's insurance policies."
The Plan further provides that Purdue's ability to recover from its
insurers will be vested in a "Master Disbursement Trust." To the
extent any proceeds are recovered from Purdue's insurers with
respect to the PI Claims, up to $450 million of those proceeds will
be channeled from the MDT to the PI Trust. However, the PI Trust
will be funded regardless of whether anything is recovered from
Purdue's insurers. Instead, "[d]istributions to the PI Trust are
subject to prepayment on a rolling basis as insurance proceeds
from
certain of Purdue's insurance policies are received by the MDT and
paid forward to the PI Trust."
REDONDO CONSTRUCTION: Court OKs Lord's $1.3M Interest Computation
-----------------------------------------------------------------
On April 8, 2019, the United States Bankruptcy Court for the
District of Puerto Rico rendered an Opinion and Order denying
Redondo Construction Corporation's Position as to Overpayment to
Continental Lord, Inc., under the 15% Footnote Provision of the
Supplement to Plan of Reorganization. The Court granted in part
and denied in part, Lord's Opposition to Debtor's Position as to
Alleged Overpayment Under the 15% Footnote Provision.
The Court ordered the parties to submit within 30 days their
computations regarding how the interest component should be
distributed. On May 8, 2019, Lord said interest should be
$1,367,762.07. On May 20, 2019, the Debtor said interest should be
$5,065.94.
On May 31, 2019, Lord filed its Opposition to Debtor's Motion in
Compliance with Order requesting that the same be denied because
the Debtor's calculations are not based on the real facts nor
content of this Court's previous decisions and orders. Lord also
states that Debtor's calculations completely disregard this Court's
August 31, 2009 Decision and Order by which the Court awarded to
Lord $1,746,085.00 for its principal amount and the Debtor complied
with such award on July 16, 2012 and paid Lord the net amount of
$1,395,381.00 after deducting legal and administrative expenses.
Moreover, the Debtor's calculations also disregard the content of
this Court's April 8, 2019 Opinion and Order in which the Court
denied the Debtor's Position as to Overpayment to Lord under the
15% Footnote Provision of the Supplement to the Plan of
Reorganization at Docket No. 1017 at docket no. 2627.
Bankruptcy Judge Enrique S. Lamoutte grants Lord's Motion in
Compliance and denies the Debtor's Motion in Compliance.
The Court in its April 8, 2019 Opinion and Order held that there
had been no overpayment in the amount of the principal claim that
had been awarded and paid to Lord, net of legal and administrative
costs in the amount of $1,395,381.00, based on the amended
Liquidating Agreement, the Bankruptcy Court's 2009 Opinion and
Orders and Judgment. Throughout this adversary proceeding the
parties have agreed that the percentage of Lord's claim for the
principal amount of the claim was calculated using the total
principal base in the amount of $9,220,288.83 that was recalculated
and allocated to the PR-2 Mayaguez Project pursuant to the mandate
of the First Circuit Court of Appeals.
Moreover, on April 4, 2016, the Debtor filed an Urgent Motion for
Calculation of Interest Due Redondo Construction Corporation and
for Setting Aside Status Conference in which Redondo states that
the total principal amount awarded for the PR-2 Mayaguez Project
was in the amount of $9,220,288.88 after excluding the extended
home office overhead amounts. In addition, in that same motion,
Redondo calculates the interest amount pertaining to the PR-2
Mayaguez project in the amount of $8,885,209.49 in conformity with
the mandate of the First Circuit Court of Appeals. Redondo
disclosed that the total amount of interest for the three projects
was in the total amount of $9,982,695.52.
However, the total interest amount was later reduced by $59,128.09
for a total interest amount of $9,923,567.43 plus the interest
accrued over said amount. The calculation of interest was reduced
due to an Opposition to "Urgent Motion. . ." filed by the Puerto
Rico Highway and Transportation Authority to which Redondo conceded
to said calculation of interest. The interest that had accrued for
the PR-2 Mayaguez Project up to the Judgment date of August 31,
2009 was in the amount of $8,759,021.78 plus the post-judgment
interest that had accrued in the amount of $74,112.84 for a total
interest amount of $8,833,134.62 that was allocated to the PR-2
Mayaguez project as to which Redondo agreed with. Therefore, the
Debtor's interest calculations of Lord based on allegations of an
overpayment of Lord's principal claim are unfounded, Judge Lamoutte
says. Consequently, the Debtor's CLI interest calculation using the
base amount of $6,076,678,93 is misplaced, given that the parties
agreed that the total interest amount that was allocated to the
PR-2 Mayaguez Project was in the amount of $8,833,134.62, not in
the amount of $6,076,678.93, the judge notes. However, both parties
agree that the amount that should be deducted for administrative
expenses is in the amount of $137,934.06. The total administrative
expenses were in the amount of $728,268.54 and both parties agree
that Lord's allocation should be 18.94% of the total administrative
expenses ($137,934.06/$728,268.54).
As to the applicable contractual provisions, the court agrees with
CLI that the August 15, 1994 Liquidating Agreement was amended by
the March 2001 amendment which provided that in the event that the
claim was adjudicated separately, any amounts collected from the
authority would be distributed to the party whose claim had been
adjudicated specifically. Moreover, the United States District
Court for the District of Puerto Rico agreed with Appellee CLI that
the Bankruptcy Court during the June 14, 2017 hearing stated that
the footnote in Exhibit B of the Supplement to the Plan's Schedule
incorporates by reference in the Plan the entire Liquidating
Agreement of August 15, 1994, as amended in 2001 and is binding on
Appellant. The court agrees that Lord's claim was allocated
separately as a subcontractor claim and was allocated the amount of
$1,746,085.00 pursuant to the Court's August 31, 2009 Decision and
Order.
The court notes that unlike the August 31, 2009 Decision and Order
which included and itemized Lord and Remodelco's pass through
claims as a component of the total principal awarded under the PR-2
Mayaguez Project claim, the subsequent Opinion and Orders that have
dealt with the issue of prejudgment and post judgment interest have
calculated the interest using the total principal awarded by
project. Thus, there is no specific allocation or itemization to
the prejudgment and postjudgment interest pertaining to the
subcontractor claims (Lord and Remodelco's pass through claims)
which form part of the total principal awarded of the PR-2 Mayaguez
project.
The court agrees with CLI that for more than 12 years the Debtor
pursued Lord's pass through claim, paid on July 16, 2012, the
principal amount awarded of such claim under the Plan following the
provisions of the Liquidating Agreement, as amended in March 2001,
regarding payment of the claim based on the specific allocation of
the same which was in conformity with the first paragraph of the
2001 amendment. The court also adopts CLI's legal analysis
regarding Lord's net interest allocation and agrees with CLI that
the percentage that was allocated to Lord was 18.94% and that the
interest allocated to Lord should be 18.94% of the total amount of
$8,833,134.62 which results in $1,672,995.70 minus 10% legal fees
($167,299.57) and $137,934.06 in administrative expenses resulting
in the net interest amount due to CLI of $1,367,762.07. The court
notes that the Debtor in its Motion in Compliance with Order at
Docket No. 2652 failed to provide any legal basis for CLI's
interest computation (Docket No. 2667). Therefore, CLI's legal
analysis for its interest component stands unopposed.
A full-text copy of the Opinion and Order dated January 27, 2022,
is available at https://tinyurl.com/2p9x3htp from Leagle.com.
Redondo Construction Corporation has been in the construction
business for 30 years, and worked on many public and government
projects. Redondo filed for chapter 11 protection (Bankr. D.P.R.
Case No. 02-02887) on March 19, 2002, and the Bankruptcy Court
confirmed the Debtor's chapter 11 plan on Oct. 6, 2005.
RITE AID: Egan-Jones Keeps CCC Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company on January 10, 2021, maintained its
'CCC' foreign currency and local currency senior unsecured ratings
on debt issued by Rite Aid Corp. EJR also maintained its 'C' rating
on commercial paper issued by the Company.
Headquartered in Camp Hill, Pennsylvania, Rite Aid Corporation
operates a retail drugstore chain in various states and the
District of Columbia.
RIVER HILL: Court Terminates Exclusivity Period
-----------------------------------------------
River Hill Ltd. obtained a court order terminating the period
during which it alone can file a plan to exit Chapter 11
protection.
The order, signed by Judge Marian Harrison of the U.S. Bankruptcy
Court for the Middle District of Tennessee, terminated the
exclusivity period as of Jan. 31.
Attorney for River Hill, Robert Gonzales, Esq., at EmergeLaw, PLC,
said the termination of the company's exclusivity period will give
others an opportunity to propose a competing plan.
"Potential competing plans allows all parties in interest the
opportunity to present best efforts to maximize return to creditors
through a plan," Mr. Gonzales said in court papers.
River Hill filed its proposed Chapter 11 plan of reorganization and
disclosure statement on Dec. 15, 2021. The plan proposes to
extinguish all current equity interests of the partners except for
Robert Short who is the only partner funding the company's plan and
continued operations.
About River Hill
River Hill Ltd., a company in Nashville, Tenn., filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
M.D. Tenn. Case No. 21 03771) on Dec. 10, 2021, listing $74,452 in
assets and $2,229,479 in liabilities. Robert R. Short, chief
manager, signed the petition.
Judge Marian F. Harrison oversees the case.
EmergeLaw, PLC, led by Robert Gonzales, Esq., serves as the
Debtor's legal counsel.
RLCH INC: A&G Completes Bankruptcy Sale of Barclay Tower
--------------------------------------------------------
A&G Real Estate Partners on Feb. 3 disclosed that the U.S.
Bankruptcy Court has approved the sale of Barclay Tower, a
recently-constructed, 23-unit residential building in this densely
populated section of Queens.
Sunlight Barclay Tower, LLC, a newly formed entity, was the winning
bidder in A&G's bankruptcy auction, acquiring the seven-story
structure for $10.15 million. Designed and built to be marketed as
a condominium, but never occupied, the seven-story building is
located at 144-69 Barclay Ave., between Parsons Boulevard and 147th
Street.
Designed and built to be marketed as a condominium, but never
occupied, the seven-story Barclay Towers is located at 144-69
Barclay Ave., between Parsons Blvd. and 147th St., in downtown
Flushing.
"With the building originally completed in 2017, the new owners
plan to make a significant investment into the property to bring it
up to 2022 standards and launch a marketing campaign to sell the
individual units," said Jamie Cote, Senior Managing Director, Real
Estate Sales at the Melville, N.Y.-based A&G.
"Following the successful completion of the auction, we look
forward to seeing Sunlight Barclay Tower, LLC execute on its plan
to get the well-appointed apartments in this attractive,
strategically located building into the hands of motivated buyers,"
added Jeff Hubbard, Senior Managing Director, Real Estate Sales at
A&G. "This is a highly desirable area with limited availability of
comparable condo apartments."
Barclay Tower offers a mix of five one-bedroom units, 17
two-bedroom units and one three-bedroom unit, ranging from 670
square feet to 1,370 square feet. All two-bedroom units include two
bathrooms, and all but two of the units have balconies. All of the
units are completed.
The elevated building features a virtual doorman as well as a large
rooftop outdoor space providing sweeping views of the surrounding
area. The site also includes 17 parking spaces.
Barclay Tower is located steps from downtown Flushing and two
blocks from the Long Island Railroad's Murray Hill station,
providing an approximate 20-minute commute into Manhattan.
The site is also within close proximity to such attractions as the
Queens Botanical Garden, Queens Zoo and Citi Field, and offers easy
access to several major highways.
A&G sold the property under the direction of the U.S. Bankruptcy
Court, Eastern District of New York (Case No. 20-43052).
About A&G Real Estate Partners
A&G -- http://www.agrep.com-- is a team of seasoned commercial
real estate professionals and subject matter experts that delivers
strategies designed to yield the highest possible value for
clients' real estate. Key areas of expertise include real estate
sales, occupancy cost reductions, lease terminations, dispositions,
real estate due diligence, valuations, acquisitions, and
facilitation of growth opportunities. Utilizing its marketing
knowledge, reputation and advanced technology, A&G has advised the
nation's most prominent retailers and corporations in both healthy
and distressed situations. The firm's team has achieved
rent-reduction and occupancy-cost savings approaching $8 billion on
behalf of clients in every real estate sector, while selling more
than $12 billion of non-core properties and leases. Global M&A
Network named A&G "Real Estate Restructuring Firm of the Year" for
its work in both 2019 and 2020. Founded in 2012, A&G is
headquartered in Melville, N.Y.
About RLCH Inc.
RLCH Inc. is a Flushing, N.Y.-based company engaged in activities
related to real estate. It owns real property and building located
at 144-69 Barclay Ave.
RLCH sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. E.D.N.Y. Case No. 20-43052) on Aug. 24, 2020. RLCH
president Lisa Lam signed the petition. In the petition, the Debtor
disclosed total assets of up to $50 million and total liabilities
of up to $10 million.
Judge Robert E. Grossman presides over the case.
The Debtor tapped Herrick, Feinstein, LLP as its legal counsel and
Daniel Scouler of Scouler Kirchhein, LLC as its chief restructuring
officer.
ROCKDALE MARCELLUS: Creditors to Get Proceeds From Liquidation
--------------------------------------------------------------
Rockdale Marcellus Holdings, LLC and Rockdale Marcellus, LLC filed
with the U.S. Bankruptcy Court for the Western District of
Pennsylvania a Combined Disclosure Statement and Plan of
Liquidation dated Feb. 1, 2022.
As of the Petition Date, the Debtors comprised an independent
exploration and production company with a natural gas-focused asset
base. The Debtors' primary production and development activities
were in the Marcellus Shale development area in northeastern
Pennsylvania.
The Debtors' assets were predominately natural gas wells and
acreage, with 68 operating wells and approximately 43,000 net acres
under lease. On December 29, 2021, the Court approved the sale of
substantially all the Debtors' assets pursuant to section 363(f) of
the Bankruptcy Code. The sale was consummated on January 19, 2021.
On December 16, 2021, the Debtors commenced an auction in
accordance with the Bidding Procedures in the office of Debtors'
counsel in Dallas, Texas. At the auction, the Debtors determined
that the Purchaser offered the highest and otherwise best bid for
the Assets in the form of cash consideration of $220 million and
the assumption of approximately $2 million of trade payables.
After the close of the auction, and upon the request of the
Committee, the Purchaser agreed to increase the unadjusted purchase
price of its successful bid by $2 million of cash consideration for
total cash consideration of $222 million. On December 29, 2021, the
Court entered the Sale Order, which approved the Purchase Agreement
and authorized the sale of substantially all of the Debtors' assets
to the Purchaser. The closing of the sale occurred on January 19,
2022.
The purpose of the Combined Plan and Disclosure Statement is to
provide for an orderly wind-down of the Debtors' Estates and to
distribute the remaining proceeds of the sale and any other cash,
property, or interests that the Debtors retained following
consummation of the sale to the holders of Allowed Claims in
accordance with the terms of the Combined Plan and Disclosure
Statement and the claims priority provisions of the Bankruptcy
Code.
Class 6 consists of Convenience Claims. Each holder of an Allowed
Convenience Claim shall receive, in full and complete settlement,
release, and discharge of, and in exchange for, such Claim, Cash in
an amount equal to [•]% of the Allowed amount of such Claim on
the Effective Date or as soon as reasonably practicable thereafter.
This Class is impaired.
Class 7 consists of General Unsecured Claims (other than
Convenience Claims). Each holder of an Allowed Claim in Class 7
shall receive, in full and complete settlement, release, and
discharge of, and in exchange for, such Claim, Cash in an amount
equal to its Pro Rata share of the General Unsecured Recovery
Pool.
Distributions shall be made to holders of Allowed Claims in Class 7
from the General Unsecured Recovery Pool (i) on the Initial
Distribution Date, subject to a maximum Distribution to each holder
of an Allowed Claim in Class 7 of [7.5]% of the Allowed amount of
such Claim, and (ii) on each Subsequent Distribution Date until the
full amount of Distributions required by the Plan have been made in
full.
All Interests will remain outstanding and will be cancelled when
the existence of Rockdale and RMH, as applicable, are cancelled.
Upon such cancellation, no property will be distributed to, or
retained by, holders of such Interests.
The Debtors shall fund Distributions with the Cash on hand on the
Effective Date plus any additional Cash resulting from the return
or liquidation of any remaining Assets of the Debtors.
Counsel for the Debtors:
REED SMITH LLP
Luke A. Sizemore, Esq.
Jared S. Roach, Esq.
Alexis A. Leventhal, Esq.
Victoria A. Sanford, Esq.
Reed Smith Centre
225 Fifth Avenue, Suite 1200
Pittsburgh, PA 15222
Telephone: (412) 288-3131
Facsimile: (412) 288-3063
Email: lsizemore@reedsmith.com
Email: jroach@reedsmith.com
Email: aleventhal@reedsmith.com
Email: vsanford@reedsmith.com
REED SMITH LLP
Keith M. Aurzada, Esq. (admitted pro hac vice)
Omar J. Alaniz, Esq. (admitted pro hac vice)
Lindsey L. Robin, Esq. (admitted pro hac vice)
Devan Dal Col, Esq. (admitted pro hac vice)
2850 N. Harwood St., Ste. 1500
Dallas, TX 75201
Telephone: (469) 680-4200
Facsimile: (469) 680-4299
Email: kaurzada@reedsmith.com
Email: oalaniz@reedsmith.com
Email: lrobin@reedsmith.com
Email: ddalcol@reedsmith.com
About Rockdale Marcellus
Rockdale Marcellus is a northeast Pennsylvania natural gas driller.
It owns and operates 66 producing wells on 42,897 net acres in
three northeast Pennsylvania counties.
On Sept. 21, 2021, Rockdale Marcellus, LLC and Rockdale Marcellus
Holdings, LLC filed petitions for Chapter 11 protection (Bankr.
W.D. Pa. Lead Case No. 21-22080). The Debtors' cases have been
assigned to Judge Gregory L. Taddonio.
Rockdale Marcellus, LLC listed $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.
The Debtors tapped Reed Smith, LLP, as bankruptcy counsel; Quinn
Emanuel Urquhart & Sullivan, LLP as special litigation counsel;
Houlihan Lokey Capital, Inc. as financial advisor and investment
banker; and Huron Consulting Services, LLC as restructuring
advisor. John C. DiDonato, managing director at Huron, serves as
the Debtors' chief restructuring officer. Epiq is the claims and
noticing agent and administrative agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases
on Oct. 1, 2021. The committee tapped Pachulski Stang Ziehl &
Jones, LLP as lead bankruptcy counsel; Whiteford Taylor & Preston,
LLP as local counsel; and Riveron RTS, LLC as financial advisor.
ROHRIG INVESTMENTS: Claims for Fraud vs Knuckle Remains
-------------------------------------------------------
In the adversary proceeding styled ROHRIG INVESTMENTS, LP,
Plaintiff, v. KNUCKLE PARTNERSHIP, LLLP; 3116-3136 ROSWELL ROAD,
LLC; and ROBERT C. LOUDERMILK, JR., Defendants, Adv. Pro. No.
16-5151-bem (Bankr. N.D. Ga.), Judge Barbara Ellis-Monro of the
United States Bankruptcy Court for the Northern District of
Georgia, Atlanta Division, ruled on Plaintiff Rohrig Investments,
LP's Motion for Partial Summary Judgment on Defendants' liability
for breach of contract. Defendants Knuckle Partnership, LLLP,
3116-3136 Roswell Road, LLC, and Robert C. Loudermilk, Jr., filed a
response and Plaintiff filed a reply.
Toward resolving various disputes between the parties and several
of their affiliated entities in Plaintiff's Chapter 11 case and
related adversary proceeding, the parties undertook settlement
discussions beginning by at least October 23, 2014. Following
several rounds of negotiations, an agreement was submitted for
approval on November 13, 2014 with the filing of a Motion to Enter
Into a Compromise and Settlement Agreement Pursuant to Rule 9019.
The Court entered the Settlement Order on December 4, 2014.
At issue is whether the undisputed facts show as a matter of law
that Defendants breached Section 3.0 of the Agreement, which
required in part:
In consultation with Rohrig's surveyors and attorneys, and to
the extent it is legally possible, the Loudermilk Parties will
obtain from 3110 Roswell Road, LLC and convey to Rohrig by limited
warranty deed an extension of the property lines for the 8 at 8
Property westward to Early Street subject to documentation and
surveys, as necessary.
The Court previously dismissed Plaintiff's claim against Defendants
for breach of contract with respect to the Disputed Property for
failure to state a claim because (1) it was not legally possible
for Defendants to transfer the Disputed Property when 3110 Roswell,
who was not a party to the Agreement, refused to do so; and (2) the
Agreement did not describe the Disputed Property in a legally
sufficient manner. On appeal, the District Court reversed the
dismissal of the claims for damages. The District Court ruled that
the better interpretation of the "legally possible" language in the
Agreement had to do with whether zoning or other regulatory issues
affected the ability to extend the property lines. Additionally,
the District Court ruled that while the "Agreement as originally
written did not contain a sufficiently definite legal description"
such a sufficient description was created by the 2014 Survey, which
was in existence and in possession of all parties when the
Bankruptcy Court incorporated the Agreement into the Settlement
Order.
Judge Ellis-Monro now finds that Plaintiff has established as a
matter of law that the Settlement Order and Agreement was an
enforceable contract, that Defendants breached that contract, and
that Plaintiff is entitled to complain about the breach. Therefore,
Plaintiff is entitled to summary judgment that Defendants are
liable to Plaintiff for breach of contract. Accordingly, the Court
grants Plaintiff's Motion. Damages for breach of contract and
Plaintiff's claim for fraud remain to be decided.
A full-text copy of the January 27, 2022 Order is available at
https://tinyurl.com/ycxncykz from Leagle.com.
About 431 W. Ponce De Leon
Based in Atlanta, Georgia 431 W. Ponce De Leon, LLC and affiliates
filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case
No. 13-53479-85) on Feb. 19, 2013. Each Debtor listed their
estimated assets at $1 million to $10 million and estimated
liabilities at $1 million to $10 million.
The petitions were signed by George W. Rohrig, managing member.
SEANERGY MARITIME: Provides Guidance on TCE, EBITDA
---------------------------------------------------
Seanergy Maritime Holdings Corp. updated its time charter
equivalent ("TCE rate") guidance upwards for the fourth quarter of
2021, provided preliminary TCE guidance for the first quarter of
2022, as well as EBITDA projections for FY 2022.
TCE Guidance
In the fourth quarter of 2021, the Company is expected to exceed an
average TCE rate of approximately $36,000 per ship per day,
outperforming its previously announced guidance of $35,200 per ship
per day.
As of Jan. 24, 2022 (the date of this press release), the Company's
estimated TCE rate for the first quarter of 2022 is expected to be
approximately $19,000. This estimate assumes that the remaining
unfixed operating days of its index-linked vessels for this period
will be equal to the average Forward Freight Agreement ("FFA") rate
of $13,500 per day. The Company's TCE guidance for the first
quarter includes certain conversions of index-linked charters to
fixed, which were concluded in the third and fourth quarter of
2021, as part of its freight hedging strategy.
Stamatis Tsantanis, the Company's chairman & chief executive
officer, stated:
"As a result of our pro-active hedging strategy in 2H21, we
estimate that we will overperform the current spot market rate by
approximately 50% in the first quarter. Moreover, our robust
EBITDA generating capacity in multiple freight environments attests
to our firm belief that our shares are currently significantly
undervalued.
"Despite the seasonal market weakness, we expect that supply and
demand fundamentals will result in a strong recovery of Capesize
rates within the following months. Our solid balance sheet, modern
fleet and strong relationships with world leading charterers in
combination with our substantial operating leverage place Seanergy
in an optimal position to generate strong revenues and
profitability in an improving charter rate environment."
About Seanergy Maritime
Greece-based Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com-- is the only pure-play Capesize
ship-owner publicly listed in the US. Seanergy provides marine dry
bulk transportation services through a modern fleet of Capesize
vessels. The Company's operating fleet consists of 17 Capesize
vessels with an average age of 11.7 years and aggregate cargo
carrying capacity of approximately 3,011,083 dwt.
Seanergy Maritime reported a net loss of $18.35 million for the
year ended Dec. 31, 2020, a net loss of $11.70 million for the year
ended Dec. 31, 2019, and a net loss of $21.06 million for the year
ended Dec. 31, 2018. As of Dec. 31, 2020, the Company had $295.24
million in total assets, $199.55 million in total liabilities, and
$95.69 million in total stockholders' equity.
SENIOR CARE: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Senior Care Living VII, LLC, according to court
dockets.
About Senior Care Living VII
Senior Care Living VII, LLC, a privately held company in the health
care business, filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-00103) on Jan. 10, 2022, listing $10 million to $50 million in
both assets and liabilities. Mark C. Bouldin, president, signed the
petition.
Michael C. Markham, Esq., at Johnson, Pope, Bokor, Ruppel & Burns,
LLP serves as the Debtor's legal counsel.
STONE CLINICAL: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------
David Asbach, acting U.S. trustee for Region 5, appointed an
official committee to represent unsecured creditors in the Chapter
11 case of STONE Clinical Laboratories, LLC.
The committee members are:
1. Hologic, Inc. (Acting Chairperson)
Attention: Dru Greenhalgh
10210 Genetic Center Drive
San Diego, CA 92121
Phone: 858-410-8567
E-mail: dru.greenhalgh@hologic.com
Counsel:
Paul R. Hage, Esq.
Jaffe Raitt Heuer & Weiss, P.C.
27777 Franklin St., Ste. 2500
Southfield, MI 48067
Phone: 248-727-1543
E-mail: phage@jaffelaw.com
2. Woman's Hospital Foundation
Attention: April Chiasson
100 Woman's Way
Baton Rouge, LA 70817
Counsel:
E. Trent McCarthy, Esq.
7922 Picardy Ave.
Baton Rouge, LA 70809
Phone: 225-266-5000
E-mail: tmcarthy@themccarthylawfirm.com
3. Common Cents Systems, Inc.
d/b/a ApolloLIMS
Attention: Dylan Morse
3 Maryland Farms, Ste. 350
Brentwood, TN 37027
Phone: 615-554-1040
E-mail: dylan.morse@apollolims.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About STONE Clinical Laboratories
STONE Clinical Laboratories, LLC is a full-service clinical
reference laboratory that specializes in preventative and molecular
diagnostics testing. The company is based in New Orleans, La.
On July 15, 2021, Whale Capital, L.P., Hologic, Inc. and Woman's
Hospital Foundation filed an involuntary Chapter 11 petition
against the Debtor. On Jan. 10, 2022, the court entered the order
for relief, thereby, commencing the Chapter 11 case (Bankr. E.D.
La. Case No. 21-10923). The petitioning creditors are represented
by The Derbes Law Firm LLC, Jaffe Raitt Heuer & Weiss P.C., and The
McCarthy Law Firm.
Judge Meredith S. Grabill presides over the case.
Heller, Draper & Horn, LLC and Gordian Seaport Advisors, LLC serve
as the Debtor's legal counsel and investment banker, respectively.
STONEX GROUP: Egan-Jones Keeps B+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on January 14, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by StoneX Group Inc. EJR also maintained its 'B' rating
on commercial paper issued by the Company.
Headquartered in New York, New York, StoneX Group Inc. is a
financial services organization.
TARGA RESOURCES: Moody's Puts Ba1 CFR Under Review for Upgrade
--------------------------------------------------------------
Moody's Investors Service placed under review for upgrade the
ratings of Targa Resources Corp. (Targa), including its Ba1
Corporate Family Rating and Ba3 secured bank facility rating, and
Targa Resources Partners LP's (TRP, wholly owned by Targa) Ba1
senior unsecured notes rating. This follows Targa's agreement to
sell its 25% equity interest in Gulf Coast Express Pipeline (GCX)
for $857 million. Targa expects to receive the full proceeds from
the sale in the second quarter of 2022. The SGL-2 speculative grade
liquidity rating is unchanged. The outlook is changed to ratings
under review from stable for both Targa and TRP.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
Targa has demonstrated remarkable improvement in its credit metrics
and in January 2022 completed the buy-in of its development company
joint ventures from Stonepeak Lonestar Holdings LLC (ratings
withdrawn). The sale of its GCX equity interest, which is being
done at a 11x multiple to EBITDA, further improves Targa's
financial flexibility, with one possible use of proceeds being to
accelerate redemption of Targa's preferred shares. Targa has
generated positive free cash flow and has focused on strengthening
its balance sheet, both of which Moody's expect to continue even in
a scenario where the Permian production volumes affecting Targa's
assets remain flat over the medium term. The company's improved
leverage and financial flexibility are key governance
considerations incorporated into Targa's ratings.
This rating action reflects the above positive developments, which
by strengthening Targa's financial profile will bolster its
capacity to withstand negative credit impacts from carbon
transition risks. While financial performance of Targa will
continue to be influenced by industry cycles, compared to
historical experience Moody's expects future profitability and cash
flow in this sector to be less robust at the cycle peak and worse
at the cycle trough because global initiatives to limit adverse
impacts of climate change will constrain the use of hydrocarbons
and accelerate the shift to less environmentally damaging energy
sources.
The review will focus on Moody's view of Targa's financial
policies, planned corporate and capital structure simplification,
as well as the nature of the cross-guarantees expected to be in
place between Targa and TRP. Targa is likely to be the sole
provider of audited financial information as TRP will not be
issuing separate audited annual financial information going
forward. Targa's primary assets are essentially its equity
ownership interest in TRP, and currently its senior secured credit
facility is structurally subordinated to all of TRP's debt. Having
guarantees in both directions for these two entities will help
simplify the consolidated capital structure towards a potentially
all pari passu debt structure, especially if future credit
agreements at Targa have security fallaway provisions conditioned
upon achievement of an investment grade rating. Should the review
be concluded with Targa's ratings being upgraded to investment
grade, Moody's would withdraw the Ba1 CFR and the SGL-2 rating.
On Review for Upgrade:
Issuer: Targa Resources Corp.
Corporate Family Rating, Placed on Review for Upgrade, currently
Ba1
Probability of Default Rating, Placed on Review for Upgrade,
currently Ba1-PD
Senior Secured Bank Credit Facility, Placed on Review for Upgrade,
currently Ba3 (LGD6)
Issuer: Targa Resources Partners LP
Senior Unsecured Regular Bond/Debenture, Placed on Review for
Upgrade, currently Ba1 (LGD4)
Outlook Actions:
Issuer: Targa Resources Corp.
Outlook, Changed To Rating Under Review From Stable
Issuer: Targa Resources Partners LP
Outlook, Changed To Rating Under Review From Stable
Targa Resources Corp., through its wholly-owned subsidiary Targa
Resources Partners LP, operates a portfolio of midstream energy
assets that include gathering pipelines, gas processing plants, NGL
pipelines, NGL fractionation units, and a marine import/export
facility on the Gulf Coast.
The principal methodology used in these ratings was Midstream
Energy published in December 2018.
TEAM SYSTEMS: Seeks to Hire Robinson & Cole as Legal Counsel
------------------------------------------------------------
Team Systems International, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Robinson &
Cole, LLP to serve as legal counsel in its Chapter 11 case.
The firm's services include:
a. providing legal advice with respect to the Debtor's powers
and duties in the continued operation of its business, management
of its properties, and the sale of its assets;
b. preparing and pursuing confirmation of a Chapter 11 plan and
approval of a disclosure statement;
c. preparing legal papers and appearing in court; and
e. performing all other necessary legal services for the
Debtor.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Jamie L. Edmonson $1,200 per hour
James F. Lathrop $575 per hour
Katherine S. Dute $425 per hour
Ryan M. Messina $425 per hour
Ian Densmore, Paralegal $395 per hour
The firm will be paid a retainer in the amount of $50,000 and will
be reimbursed for out-of-pocket expenses incurred.
Jamie Edmonson, Esq., a partner at Robinson & Cole, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jamie L. Edmonson, Esq.
Robinson & Cole LLP
1201 N. Market Street, Suite 1406
Wilmington, DE 19801-1163
Tel: (302) 516-1700
Fax: (302) 516-1699
Email: jedmonson@rc.com
About Team Systems International
Team Systems International LLC -- formed in 2001, TSI is a small
business serving the United States government as a contractor with
offices in Lewes, Del. and Ponte Vedra Beach, Fla. TSI has
performed government projects as a prime contractor and
subcontractor in the areas of program management, financial and
contracts management, tactical and specialized military training
development, naval ordinance engineering, information systems
design and integration, military firearms training, Department of
State overseas foreign officer training, vehicle or weapons
platform simulation, training center or classroom A/V system
integration, force protection services, maritime security, and
administrative staffing for government projects.
Team Systems International sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 22-10066) on Jan. 18, 2022, listing up to
$50 million in assets and up to $10 million in liabilities.
Deborah Devans Mott, member, signed the petition.
Jamie L. Edmonson, Esq., at Robinson & Cole LLP, is the Debtor's
legal counsel.
TELEXFREE LLC: Evidentiary Hearing Needed in Ponzi Victims' Suit
----------------------------------------------------------------
The case captioned IN RE: PANAGIOTIS IATROU, PETER SAID RAHHAOUI,
SAIF MUHSEN, EARLEY BARBOSA, RAHIMA BOUGHALEM, MARCIO A. COSTA,
CARLOS DEALVARENGA, MANAL HAMADI, GEORGE BERUBE, HUBERT LUBIN,
RACHID MOUKHTARI, JOSEPH NASR, MERILIO ROJAS, HAZEM WEHBE, THERESA
ST. PETER, RUBEN NIEVES, ABDELTIF BELLAGAT, ABDELKHALAK TOQI,
Appellant-Participants, v. STEPHEN DARR, TRUSTEE, Appellee.
TELEXFREE, LLC, Debtor, v. RICHARD KING, Trustee, Civil Action No.
20-40112-DPW (D. Mass.), arises from the bankruptcy of TelexFree,
LLC, a company that operated a Ponzi and pyramid scheme estimated
to have involved more than a million participants and to have
extracted approximately $1.8 billion in payments from them.
The participants have filed claims to recover funds they lost to
the TelexFree scheme from the company's bankruptcy estate. The
Liquidating Trustee, Stephen Darr, objected to proofs of claim
filed by the 18 Appellant-Participants before Judge Douglas P.
Woodlock of the United States District Court for the District of
Massachusetts. The Trustee argued these claims were not adequately
documented and were, in fact, contradicted by TelexFree's
aggregated account data. The bankruptcy court sustained the
Trustee's objections and disallowed the Appellant-Participants'
claims.
The Federal Rules of Bankruptcy Procedure instruct claimants to
support certain claims -- including claims based on a writing --
with specific documentation. Claims arising from oral arrangements
and cash transactions, however, are not expressly covered by those
rules. Reasoning that nevertheless some documentation must be
required to set out a prima facie basis for a claim, the bankruptcy
court disallowed the Appellant-Participants' claims for lack of
conventional supporting documentation. The bankruptcy court did so
without an evidentiary hearing.
The Appellant-Participants request in their appeal that the matter
be remanded to the bankruptcy court for an evidentiary hearing.
Judge Woodlock concludes that an evidentiary hearing is required to
resolve the core factual disputes relating to the
Appellant-Participants' outstanding claims. Consequently, he
reverses the bankruptcy court's order and remands this matter to
the bankruptcy court for further proceedings.
A full-text copy of the Memorandum and Order, dated January 25,
2022, is available at https://tinyurl.com/wbm5ue3a from
Leagle.com.
About TelexFree, LLC
TelexFREE -- http://www.TelexFREE.com/-- is a telecommunications
business that uses multi-level marketing to assist in the
distribution of voice over internet protocol telephone services.
TelexFREE's retail VoIP product, 99TelexFREE, allows for unlimited
international calling to seventy countries for a flat monthly rate
of $49.90. TelexFREE had over 700,000 associates or promoters
worldwide.
TelexFREE though was facing accusations of operating a $1
billion-plus pyramid scheme.
TelexFREE LLC and two affiliates sought bankruptcy protection
(Bankr. D. Nev. Lead Case No. 14-12525) on April 13, 2014.
TelexFREE estimated $50 million to $100 million in assets and $100
million to $500 million in liabilities.
Alvarez & Marsal North America, LLC, is serving as restructuring
advisor and Greenberg Traurig, LLP and Gordon Silver are serving
as
legal advisors to TelexFREE. Kurtzman Carson Consultants LLC
serves as claims and noticing agent.
In May 2014, the Nevada bankruptcy court approved the motion by
the
U.S. Securities & Exchange Commission to transfer the venue of the
Debtors' cases to the U.S. Bankruptcy Court for the District of
Massachusetts (Bankr. D. Mass. Case Nos. 14-40987, 14-40988 and
14-40989).
On June 6, 2014, Stephen Darr was appointed as Chapter 11 trustee.
TILDEN MARCELLUS: Seeks $13.2M DIP Loan from White Oak
------------------------------------------------------
Tilden Marcellus, LLC asks the U.S. Bankruptcy Court for the
Western District of Pennsylvania for authority to among other
things, use cash collateral and obtain postpetition financing.
The Debtor seeks to obtain senior secured postpetition financing on
a superpriority basis consisting of a senior secured superpriority
credit facility in the aggregate principal amount of $13.2 million
consisting of (a) $4.4 million in new money term loan, with
$1,300,000 available upon entry of the Interim Order and the
remainder available upon entry of the Final Order and (b) $8.8
million roll-up of certain of the Prepetition Credit Facility Debt
into loans under the DIP Facility subject to the terms and
conditions of the Interim Order and the Senior Secured
Superpriority Debtor-in-Possession Term Loan Credit Agreement by
and among the Borrower and the other credit parties thereto, White
Oak Global Advisors, LLC, as administrative and collateral agent,
and the lenders party thereto.
The Debtor struggled to meet production projections because certain
of the Debtor's wells under performed and the Debtor was unable to
drill additional wells. Given this production shortfall, the Debtor
could not produce enough gas to meet its obligations under a
long-term gathering agreement with UGI Texas Creek, LLC. Moreover,
starting in 2019 and carrying through 2020, gas prices underwent a
sustained depression. This prolonged dip in gas prices made it
increasingly difficult for the Debtor to meet its contractual
obligations, particularly its fixed obligations under the UGI
Agreement. As a result of these challenges, the Debtor was
compelled to shut-in all but one of its wells and cease
substantially all its operations on June 30, 2021. The Debtor's
failure to meet its obligations under the Prepetition Credit
Facility has also led to the occurrence of numerous events of
default thereunder. As a consequence of the events of default, the
Prepetition Credit Facility Secured Parties exercised certain
rights under the Prepetition Credit Facility to install an
independent manager for the Debtor.
The Debtor and Tilden Holdings, LLC are parties to a Loan, Guaranty
and Security Agreement, dated as of February 28, 2019 as borrowers,
with (a) certain guarantors from time to time party thereto, as
guarantors, (b) White Oak Global Advisors, LLC as administrative
agent and (c) several entities from time to time party thereto as
Lenders.
As of the Petition Date, the Prepetition Credit Facility Secured
Parties consisted of White Oak Global Advisors, LLC and certain of
its affiliates. The Prepetition Credit Facility provided for an
original commitment amount of $32.0 million with a scheduled
maturity date of February 23, 2023.
The Prepetition Credit Agreement has been amended seven times,
including to allow the Prepetition Credit Facility Secured Parties
to make five protective advances to the Debtor to provide
additional liquidity for its operations and to fund the preparation
and filing of the Chapter 11 Case, in an aggregate amount of
$2,300,000.
The Debtor and Holdings were also parties to a 2002 ISDA Master
Agreement, dated as of March 5, 2019, with BP Energy Company under
which the Prepetition Swap Counterparty agreed to enter into one or
more rate swap transactions, credit derivative transactions,
forward rate transactions, commodity swaps and similar transactions
governed by the Prepetition Swap Agreement. BP terminated the
Prepetition Swap Agreement on September 28, 2021 and the Debtor
estimates that BP has a secured claim against it in the amount of
approximately $3.2 million.
As adequate protection, the Prepetition Secured Parties will
receive continuing, valid, binding, enforceable, non-avoidable and
automatically perfected post petition security interests in and
liens on all of the DIP Collateral and Superpriority claims in
favor of the Prepetition Credity Facility Secured Parties and the
Prepetition Swap Counterparty on a pair passu basis as provided for
in sections 507(b) of the Bankruptcy Code that are junior to the
DIP Obligations and the DIP Superpriority Claims.
A copy of the motion is available at https://bit.ly/3HAs5Yb from
PacerMonitor.com.
About Tilden Marcellus, LLC
Tilden Marcellus, LLC is a Texas limited liability oil and gas
production company which owns and previously operated certain
working interests in more than 27,000 net leasehold acres within
Potter County and Tioga County, Pennsylvania, with over 50 wells
previously in production.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Penn. Case No. 22-20212) on February
4, 2022. In the petition signed by Jeffrey T. Varsalone, chief
restructuring officer, the Debtor disclosed up to $50 million in
both assets and liabilities.
Judge Gregory L. Taddonio oversees the case.
Beverly Weiss Manne, Esq. at Tucker Arensberg PC serves as the
debtor's local counsel. Morris, Nichols, Arsht and Tunnel LLP is
the Debtor's bankrupcy counsel. Epiq Corporate Restructuring LLC
serves as the notice, claims and balloting agent and administrative
advisor.
White Oak Global Advisors, LLC, as the DIP Agent and the
Prepetition Agent, is represented by:
Daren S. Klein, Esq.
David Schiff, Esq.
Jarett Erickson, Esq.
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
Email: darren.klein@davispolk.com
david.schiff@davispolk.com
jarret.erickson@davispolk.com
- and -
Mike Proctor, Esq.
Bowles Rice LLP
1800 Main Street, Suite 200
Canonsburg, PA 15317
Email: mproctor@bowlesrice.com
TLG CAPITAL: Unsecureds Will Get 14% of Claims in 60 Months
-----------------------------------------------------------
TLG Capital Development, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of California a Plan of Reorganization
for Small Business.
The Debtor is a corporation. Since 2015, the Debtor has functioned
as a real property holding company. The Debtor's primary assets
are three residential real estate development projects in San
Francisco.
The immediate precipitating factor for the filing of the Debtor's
Chapter 11 Petition was a Nov. 2, 2021 foreclosure sale scheduled
by MTC Financial Inc, d/b/a Trustee Corps on behalf of the first
lender on the Corbett Avenue property, NewRez LLC d/b/a Shellpoint
Mortgage Servicing.
The Debtor's objective in filing the Chapter 11 case is to preserve
equity value in the real estate projects, modify the NewRez LLC
d/b/a Shellpoint Mortgage Servicing loan, and obtain funding to
complete development of the properties to satisfy its creditors and
provide a return to its principal.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $24,500.00. The final Plan
payment is expected to be paid on 60th month after the first plan
payment.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at .14 cents on the dollar. This Plan also provides for the payment
of administrative and priority claims.
Class 3-A consists of Non-priority unsecured creditors. Payments
totaling $3,646.02 will be made monthly and distributed to Class 3
creditors on a pro-rata basis. Payments shall begin 60 days after
the effective date of the Plan and will be monthly for 60 months
paid by the 20th every month. The allowed unsecured claims total
$1,573,450.00. This Class will receive a distribution of 14% of
their allowed claims. This Class is impaired.
Class 3-B consists of Non-priority unsecured claim of Kevin Lee.
Kevin Lee will receive no distribution under the Plan. This Class
is impaired.
Class 4 consists of Equity security holders of the Debtor. Equity
holders (members) will enjoy no recovery under this Plan.
Debtor's sole member will continue to own and operate the business.
Debtor will use the ongoing cash flow to fund the plan payments.
The projected disposable cash flow is $24,500. Creditors with
allowed claims will receive monthly distribution payments from the
Plan.
In order to free up cash flow the plan includes modifying the
secured loan payments for Class 2-A over a longer period of time at
a reduced interest rate as well as reducing its overall unsecured
debt load. These changes will assist in lowering monthly expenses.
Debtor's principal is committed to assisting with the funding of
the plan in the event Debtor comes into unforeseen difficulty.
A full-text copy of the Plan of Reorganization dated Feb. 1, 2022,
is available at https://bit.ly/3300OiW from PacerMonitor.com at no
charge.
Attorney for the Plan Proponent:
James V. Sansone, Esq.
Carle Mackie Power & Ross, LLP
100 B Street, Suite 400
Santa Rosa, CA 95401
Tel: 707-526-4200
Fax: 707-526-4707
Email: jsansone@cmprlaw.com
About TLG Capital
TLG Capital Development, LLC, is a San Francisco, Calif.-based
company engaged in activities related to real estate. It is the
owner (fee simple or tenants in common) of three real properties in
San Francisco worth $2.1 million.
TLG Capital Development filed its voluntary petition for Chapter 11
protection (Bankr. N.D. Cal. Case No. 21-30740) on Nov. 2, 2021,
listing $2,187,760 in assets and $6,428,450 in liabilities. Kevin
Lee, managing member, signed the petition.
Judge William J. Lafferty presides over the case.
James V. Sansone, Esq., at Carle Mackie Power & Ross, LLP, is the
Debtor's legal counsel.
TPC GROUP: Fitch Cuts LT IDR to 'C', Reflects Payment Grace Period
------------------------------------------------------------------
Fitch Ratings has downgraded TPC Group, Inc.'s Long-Term Issuer
Default Rating (IDR) to 'C' from 'CCC-', asset-based loan facility
(ABL) and 10.875% notes ratings to 'CCC'/'RR1' from 'B-'/'RR1' and
10.5% notes rating to 'C'/'RR5' from 'CC'/'RR5'.
TPC's downgrade reflects the company's decision to enter into a
payment grace period following the non-payment of interest due on
February 1st.
KEY RATING DRIVERS
Missed Interest Payment; Ongoing Restructuring Talks: TPC has
announced that it has entered into a forbearance agreement
following a failure to make approximately $53 million in interest
payments on Feb. 1, 2022. The forbearance agreement is effective
until March 18, 2022. In connection with the forbearance agreement,
the company has secured approximately $52 million of additional
liquidity in the form of a commitment to purchase additional senior
secured priming notes due 2024. Talks on a potential restructuring
are ongoing.
In isolation, Fitch believes the combination of TPC's operations
and proceeds from its insurance proceeds related to the Port Neches
incident should be enough to support the company's liquidity
position through such a payment. However, frequent operational
issues have weighed on the company's already strained liquidity
profile.
Ongoing Operational Issues: A number of TPC's products are used in
the production of synthetic rubbers and fuel additives, the demand
for which was materially affected by the coronavirus pandemic, but
has since rebounded. In 2021, a January fire in the company's
Technical Center, used for quality control and R&D, and extreme
weather in February continued to drag on the company's costs and
volumes. Most recently, steam issues in July and August led to a
complete shutdown of the utility steam system in September and
lingering issues thereafter. As a result, the company was unable to
take advantage of strong butene-1 demand.
Strained Liquidity Profile: Fitch views much of the short-to
medium-term risk related to TPC's ongoing operational issues as
stemming from cash burn and coverage metrics, rather than gross
debt levels. The company now faces the challenge of finding the
cash to address its idiosyncratic operational issues at a time when
liquidity is also at roughly a five-year low, with a borrowing base
that is supportive of less than $70 million in additional
borrowings as of Sept. 30, 2021. However, management has taken
steps to bolster liquidity, including issuing $153 million in
secured notes due 2024 and deferring certain charges and capital
projects.
The company has begun to realize certain positive macroeconomic
trends, with liquidity having rebounded to over $75 million, but
its ability to continue to realize positive liquidity momentum is
constrained by frequent operational disruptions.
Limited Size and Scale: Following the Port Neches incident, TPC now
relies on one manufacturing complex and a third-party processing
arrangement that generate all its earnings; Port Neches was its
second plant. Any operational disruptions can significantly affect
its cash flow generation, as evidenced by the company's pressured
financial profile when the dehydro unit went down for a scheduled
turnaround for nearly all of 1Q18, or more recently, during the
February 2021 Texas Freeze.
In the near term, Fitch will monitor the company's ability to
operate the Houston plant at near full utilization. The Port Neches
incident highlights the company's exposure to the effects of any
operational disruptions at its facilities. Such risk likely caps
TPC's rating in the 'B' category.
DERIVATION SUMMARY
TPC Group has operated with similar leverage to SK Mohawk Holdings,
SARL (B/Negative) and substantially lower leverage than Aruba
Investments, Inc. (B/Stable). Fitch expects TPC's gross leverage to
be consistent with a 'B-' rating despite a number of setbacks,
including the Port Neches incident. However, a portion of the
company's cash flow and growth prospects will be determined by the
size and duration of the insurance claims related to the incident.
To date, claims have been timely and sufficient.
Accordingly, liquidity will remain of greater importance than gross
leverage throughout the ratings horizon. If the determination is
made that the incident was the result of negligence or was
otherwise not out of TPC's control, the company will likely find it
difficult to retain customers and receive the anticipated insurance
claims.
This heightened event risk sets TPC apart from its peers, who are
larger in size and scale, as evidenced by access to an expansive
and flexible logistics/production networks both globally and
domestically. This is highlighted by TPC's reliance on its
manufacturing facility in Houston. TPC is relatively more exposed
to commodity prices and historically had high single-digit margins
compared with SK Mohawk's specialized product mix, as evidenced by
SK Mohawk's slightly higher EBITDA margins in the mid-teens. These
credit strengths enable SK Mohawk to support a higher debt load
than TPC, resulting in a higher IDR.
KEY ASSUMPTIONS
-- Highly strained liquidity in the near to medium-term in the
absence of insurance payments sufficient to support
operations;
-- Recovery in volumes due to easing demand impacts of
coronavirus pandemic and high utilization rates;
-- EBITDA generation recovers, with minimal additional
competitive pressures and easing asset-based issues.
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes TPC would be reorganized as a
going-concern (GC) in bankruptcy rather than liquidated. Fitch
believes a GC approach is more likely given the high greenfield
costs. TPC's contracts for its C4 processing segment have a fixed
processing fee of $210/tonne-215/tonne. Management indicated this
fixed cost would need to be in the low $300/tonne range for a large
company that already has C4 processing capacity, the low $400/tonne
range for true greenfield new capacity, and somewhere in between
these two values to add new C4 capacity at a location with related
operations and supporting infrastructure for the project to be
economic.
Fitch's recovery scenario depicts a prolonged period of further
unplanned disruptions or other operational hurdles at the Houston
plant. This signals a weakness of the company's asset base and
operations, along with an inability to fully fund the rebuild of
the Port Neches plant and/or a disruption in insurance proceeds. As
a result, the company loses market share, worsening the negotiating
power and renewal rates of the existing contracts, resulting in
increased cash flow risk and potential for losses. The unplanned
disruptions also stress the financial flexibility of the company,
as repairs can be both cost and time extensive.
Going-Concern (GC) Approach
Fitch assumed a GC EBITDA of $110 million, reflective of the
Houston plant operating at nearly full capacity and no contribution
from Port Neches.
The 4.0x multiple reflects Fitch's view that the C4 and isobutylene
derivatives have minimal cash flow risk, while the methyl
tertiary-butyl ether (MTBE) assets are rolling off minimum floor
contracting and being renewed at spot. The isobutylene derivatives
are high margin, low growth and have historically operated at high
utilization rates. The single facility risk, uncertainty
surrounding customer contracts and potential for competition due to
the loss of capacity at Port Neches weigh on the multiple.
Fitch assumes a draw of $55 million on the ABL, roughly equal to
the currently outstanding amount, as Fitch's potentially recovery
scenario is possible with the current capital structure.
The enterprise value, $460 million, is deducted by 10% for
administrative claims, leaving $396 million available to creditors.
The ABL facility and 10.875% priority notes recover within the
'RR1' level and are rated 'CCC', the 10.5% secured notes recover at
the 'RR5' level and are rated 'C'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Resolution of liquidity challenges, due in part to timely
receipt of insurance proceeds, resulting in cessation of
restructuring talks without bankruptcy or a distressed debt
exchange (DDE);
-- Improved operational stability signaled by high utilization
across both segments, a decreased risk of unplanned
disruptions and increased size and scale;
-- Continued favorable contract terms, allowing TPC to maintain
its low margin volatility.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- An uncured payment default, distressed debt exchange (DDE) or
bankruptcy filing;
-- A selective payment default on a specific class of deb;
-- The extension of multiple waivers or forbearance periods.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Strained Liquidity: A contraction in the borrowing base due to the
February 2021 Texas Freeze resulted in liquidity at a five-year
low. The freeze came after a period during which operations were
already stressed by the pandemic and the Port Neches incident.
Although an improving demand profile drove an increase in the
borrowing base, continued operational issues resulted in
continually stressed liquidity, with total liquidity of $75.3
million at Sept. 30, 2021. The company has since secured
approximately $52 million of additional liquidity in the form of a
commitment to purchase additional senior secured priming notes due
2024.
The company's maturity profile is otherwise solid, with limited
maturities until 2024, when roughly $1.1 billion in secured notes
come due.
ISSUER PROFILE
TPC, headquartered in Houston, is a leading producer of value-added
products derived from niche petrochemical raw materials, such as C4
hydrocarbons.
UNITED WAY: Case Summary & Nine Unsecured Creditors
---------------------------------------------------
Debtor: United Way of Salem County, Inc.
d/b/a Salem Community Center
118 Walnut Street
Salem, NJ 08079
Business Description: The Debtor is a civic and social
organization in Salem, New Jersey.
Chapter 11 Petition Date: February 6, 2022
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 22-10951
Debtor's Counsel: Kenneth L. Baum, Esq.
LAW OFFICES OF KENNETH L. BAUM, LLC
167 Main Street
Hackensack, NJ 07601
Tel: (201) 853-3030
Fax: (201) 584-0297
Email: kbaum@kenbaumdebtsolutions.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Monique Chadband as treasurer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's nine unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/I5EM72Q/United_Way_of_Salem_County_Inc__njbke-22-10951__0001.0.pdf?mcid=tGE4TAMA
VAN CORTLANDT: Dismissal of Shareholder Suit vs Meridian Upheld
---------------------------------------------------------------
DAVID KRAMER, Appellant, v. MERIDIAN CAPITAL GROUP, LLC, ET AL.,
Respondents, 2018-12430, Index No. 501793/17 (N.Y. Sup. App.), is
an appeal from an action seeking to recover damages for fraud. The
plaintiff appeals from an order of the Supreme Court, Kings County
(Leon Ruchelsman, J.), dated August 24, 2018. The order, insofar as
appealed from, granted that branch of the defendants' motion, which
was pursuant to CPLR 3211(a), to dismiss the amended complaint, and
denied the plaintiff's motion to disqualify Morrison Cohen, LLP, as
counsel for the defendants in this action.
Presiding Justice Barros, with Justices Connolly, Hinds-Radix and
Miller, concurring, of the Appellate Division of the Supreme Court
of New York, Second Department, affirmed the lower court order
insofar as appealed from, with costs.
The plaintiff alleges the defendants are mortgage brokers who
represented Van Cortlandt Village, LLC, in negotiating the
refinancing of a commercial mortgage loan. The plaintiff alleges
the defendants participated in a scheme to prevent the corporation
and the lender from reaching an agreement on favorable refinancing
terms, in order to facilitate a side deal for the sale of the
underlying note to a third party. In November 2010, one of the
defendants allegedly forged the signature of the plaintiff, in his
capacity as a managing partner of the corporation, binding the
corporation to a term sheet to refinance the loan in a manner which
was contrary to the corporation's interests. The plaintiff alleges
that he learned of the forgery in February 2011.
In 2012, after filing a voluntary petition for chapter 11
bankruptcy, the corporation commenced an adversary proceeding
against, among others, the defendants in this action, seeking
damages for breach of fiduciary duty based on their alleged
fraudulent conduct in connection with the refinancing. The
corporation's causes of action were subsequently assigned to a
secured creditor pursuant to a plan of liquidation, which was
confirmed by the Bankruptcy Court.
By summons and complaint dated January 27, 2017, the plaintiff
commenced this action to recover damages for, among other things,
fraudulent inducement, fraud in the factum, intentional infliction
of emotional distress, and negligent infliction of emotional
distress. After the plaintiff amended the complaint, the defendants
moved, pursuant to CPLR 3211(a)(1), (3), (5), and (7) to dismiss
the amended complaint, contending that the plaintiff lacked
standing to assert claims which were based on injury to the
corporation, that the amended complaint failed to state a cause of
action, and that the action was time barred. The plaintiff opposed
the motion, and moved to disqualify Morrison Cohen, LLP, as counsel
for the defendants. By order dated August 24, 2018, the Supreme
Court, among other things, granted that branch of the defendants'
motion which was pursuant to CPLR 3211(a) to dismiss the amended
complaint, and denied the plaintiff's motion for disqualification.
The plaintiff appeals.
"'For a wrong against a corporation, a shareholder has no
individual cause of action, though he [or she] loses the value of
his [or her] investment,'" the Appellate Court says, citing
Zaharatos v Coscia, 159 A.D.3d 853, 854, quoting Abrams v Donati,
66 N.Y.2d 951, 953). In determining "whether a cause of action is
personal or derivative, the pertinent inquiry . . . is whether the
thrust of the plaintiff's action is to vindicate his [or her]
personal rights as an individual and not as a stockholder on behalf
of the corporation." "An individual action may be maintained where
the injury alleged is to the plaintiff and recovery would go to the
plaintiff." A complaint the allegations of which confuse a
shareholder's derivative and individual rights will . . . be
dismissed," the Appellate Court holds, citing Abrams v Donati, 66
NY2d at 953; see Dian Kui Su v Sing Ming Chao, 150 A.D.3d 424,
425).
According to the Appellate Court, the amended complaint is largely
addressed to harms suffered directly by the corporation, and
derivative and personal claims are mixed within the same causes of
action. The plaintiff alleges an individual injury only to the
extent that he asserts, in connection with the second cause of
action, to recover damages for fraud in the factum, that his
reputation with the lender was damaged by the forgery of his
signature. However, "[d]amages for a cause of action sounding in
fraud are limited to 'the actual pecuniary loss sustained as the
direct result of the wrong or what is known as the out-of-pocket
rule,'" the Presiding Justice writes, citing Matter of Hersh, 198
A.D.3d 766, 772, quoting Lama Holding Co. v Smith Barney, 88 N.Y.2d
413, 421. The plaintiff's general allegations of harm to his
reputation are insufficient to allege an actual pecuniary loss, the
Appellate Court holds.
Moreover, dismissal was properly directed as to any individual
claims asserted on the alternate ground that they were time-barred
pursuant to the applicable statutes of limitations, Justice Barros
explains. "On a motion to dismiss a complaint pursuant to CPLR
3211(a)(5) on the ground that the statute of limitations has
expired, the moving defendant must establish, prima facie, that the
time in which to commence the action has expired," the justice
says, citing HSBC Bank USA, N.A. v King, 193 A.D.3d 694, 695.
Justice Barros further points out an action sounding in fraud must
be commenced within "the greater of six years from the date the
cause of action accrued or two years from the time the plaintiff .
. . discovered the fraud, or could with reasonable diligence have
discovered it." Justice Barros notes the alleged forgery of the
plaintiff's signature, and any injury it caused to the plaintiff's
reputation, took place in October 2010. This action was not
commenced until January 2017, more than six years later.
Contrary to the plaintiff's contention, the doctrine of equitable
estoppel was unavailable to toll the statute of limitations, since
in response to the defendants' prima facie showing that the time
within which to sue had expired, he failed to raise a question of
fact as to whether any action or representation by the defendants
induced him to forgo the timely commencement of an action to
enforce his rights, Justice Barros explains.
Causes of action to recover damages for intentional infliction of
emotional distress are governed by a one-year statute of
limitations and causes of action to recover damages for negligent
infliction of emotional distress have a three-year limitations
period, Justice Barros says. Accordingly, the fifth and sixth
causes of action were also time-barred.
Finally, Justice Barros holds that the Supreme Court providently
exercised its discretion in denying the plaintiff's motion to
disqualify Morrison Cohen as counsel for the defendants in this
action. "'A party's entitlement to be represented by counsel of his
or her choice is a valued right which should not be abridged absent
a clear showing that disqualification is warranted,'" the justice
says, citing Empire Med. Servs. of Long Is., P.C. v Sharma, 189
A.D.3d 1176, 1177, quoting Homar v American Home Mtge. Acceptance,
Inc., 119 A.D.3d 901, 901). The plaintiff failed to sustain his
burden of demonstrating that disqualification was warranted in this
matter, Justice Barros finds.
A full-text copy of the Decision and Order decided on January 26,
2022, is available at https://tinyurl.com/yc27ss5r from
Leagle.com.
Jacob Ginsburg, Esq., PLLC, Monsey, NY, for appellant.
Morrison Cohen, LLP, New York, NY (David B. Saxe --
dsaxe@morrisoncohen.com -- Y. David Scharf --
dscharf@morrisoncohen.com -- and Terence K. McLaughlin of counsel),
for respondents.
About Van Cortlandt
Brooklyn, New York-based Van Cortlandt Village LLC filed a Chapter
11 (Bankr. S.D.N.Y., Case No. 12-10356) on January 31, 2012.
Affiliates that simultaneously filed Chapter 11 petitions are
Valentine Con LLC, 146 Realty LLC, DLR & CO LLC, Jackson Avenue Con
LLC, Legget Avenue Con LLC, Ocean Construction Con LLC, and
Woodycrest Con LLC.
The cases are assigned to Judge Shelley C. Chapman.
The Debtor's counsel was Mark A. Frankel, Esq., at Backenroth
Frankel & Krinsky, LLP, in New York. The lead Debtor had scheduled
assets of $2,280,033 and scheduled liabilities of $22,334,588.
VECTOR GROUP: Egan-Jones Keeps CCC Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on January 13, 2022, maintained its
'CCC' foreign currency and local currency senior unsecured ratings
on debt issued by Vector Group Ltd. EJR also maintained its 'C'
rating on commercial paper issued by the Company.
Headquartered in Miami, Florida, Vector Group Ltd. operates as a
holding company.
VERINT SYSTEMS: Egan-Jones Keeps B+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on January 14, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Verint Systems Inc.
Headquartered in Huntington, New York, Verint Systems Inc. provides
analytic solutions for communications, interception, digital video
security and surveillance, and enterprise business intelligence.
VEWD SOFTWARE: Joint Prepackaged Plan Confirmed by Judge
--------------------------------------------------------
Judge Michael E. Wiles has entered findings of fact, conclusions of
law and order confirming the Second Amended Joint Prepackaged Plan
Chapter 11 Plan of Reorganization of Vewd Software USA, LLC, and
its affiliated debtors.
The Debtors have proposed the Plan in good faith and not by any
means forbidden by law. In determining that the Plan has been
proposed in good faith, the Court has examined the totality of the
circumstances surrounding the filing of the Chapter 11 cases and
the formulation of the Plan.
Further, the Plan's classification, indemnification, settlement,
discharge, exculpation, release, and injunction provisions have
been negotiated in good faith and at arm's length, and are each
necessary for the Debtors to implement the Settlements and
consummate their value-maximizing Plan. Accordingly, the
requirements of section 1129(a)(3) of the Bankruptcy Code are
satisfied.
The Exit Facility is an essential element of the Plan and is
critical to the overall success and feasibility of the Plan. Entry
into the Exit Facility Documents is in the best interests of the
Debtors, their Estates, and the Holders of Claims against and
Interest in the Debtors and their Estates and is necessary for
Confirmation and Consummation of the Plan.
A full-text copy of the Plan Confirmation Order dated Feb. 1, 2022,
is available at https://bit.ly/35GtVbZ from Kurtzman Carson
Consultants LLC, claims agent.
Debtors' Counsel:
Gregg M. Galardi, Esq.
Lucas Brown, Esq.
Katharine E. Scott, Esq.
ROPES & GRAY LLP
1211 Avenue of the Americas
New York, New York 10036
Tel: (212) 596-9000
Fax: (212) 596-9090
E-mail: gregg.galardi@ropesgray.com
lucas.brown@ropesgray.com
katharine.scott@ropesgray.com
- and -
Stephen Iacovo, Esq.
191 North Wacker Drive
Chicago, Illinois 60606
Tel: (312) 845-1200
Fax: (312) 596-5500
E-mail: stephen.iacovo@ropesgray.com
About Vewd Software
Vewd Software is engaged in enabling the transition from cable,
broadcast, and satellite television platforms to over-the-top
("OTT") video streaming services. The Company's suite of OTT
solutions enables customers and partners such as Sony, Verizon,
Samsung, and TiVo to seamlessly reach the growing number of
consumers who watch content on connected devices.
Vewd Software USA, LLC, and its affiliates sought Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 21-12065) on
Dec. 15, 2021. The cases are handled by Judge Michael E. Wiles.
In the petition signed by CEO Aneesh Rajaram, Vewd Software
estimated assets between $1 million to $10 million and liabilities
between $100 million to $500 million.
ROPES & GRAY LLP, led by Gregg M. Galardi, Lucas Brown, Katharine
E. Scott, and Stephen Iacovo, is serving as the Debtors' bankruptcy
counsel. JEFFERIES LLC is the Debtors' investment banker. ERNST &
YOUNG LLP is the Debtors' financial advisor. ADVOKATFIRMAET BAHR
AS is the Debtors' Norwegian counsel. KURTZMAN CARSON CONSULTANTS
LLC is the Debtors' claims agent and administrative advisor.
VIASAT INC: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on January 12, 2022, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Viasat Inc. EJR also maintained its 'B' rating on
commercial paper issued by the Company.
Headquartered in Carlsbad, California, Viasat, Inc. operates as a
communication company.
WENDY'S CO: Egan-Jones Hikes Senior Unsecured Ratings to B
----------------------------------------------------------
Egan-Jones Ratings Company on January 10, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Wendy's Co. to B from B-.
The Wendy's Company is an American holding company for the major
fast-food chain Wendy's. Its headquarters are in Dublin, Ohio.
WESTERN ROBIDOUX: Boehringer Ingelheim's Bid to Junk Suit Denied
----------------------------------------------------------------
In the adversary proceeding styled Western Robidoux, Inc.,
Plaintiff, v. Boehringer Ingelheim Animal Health USA, Inc.,
Defendant, Adv. No. 21-4009 (Bankr. W.D. Miss.), Defendant
Boehringer Ingelheim Animal Health USA, Inc., asks the court to
dismiss chapter 7 trustee Jill Olsen's five-count amended adversary
complaint.
This dispute arises in part from WRI's former business relationship
with BIAH. The trustee describes WRI as "a commercial printing and
fulfillment company," and describes BIAH as "part of an
international group that is the world's largest private
pharmaceutical company." In 2008, "[WRI] and BIAH entered into a
Services and Goods Supply Agreement" under which "BIAH would
purchase from [WRI], and [WRI] would provide to BIAH, marketing and
distribution materials necessary for BIAH's business." The parties'
supply agreement included provisions requiring each party to
"indemnify, defend, and hold [the other party] harmless against any
and all losses, costs, damages, liabilities, claims, expenses
(including reasonable attorneys' fees). . . arising from [the
indemnifying party's] performance under the [supply agreement]."
The trustee alleges that, after 2008, "a dispute arose" between
WRI, BIAH, and a third party. The dispute "involv[ed] the website
used by [WRI] and BIAH to transact business." In 2014, the third
party allegedly served cease-and-desist letters on WRI and BIAH.
BIAH subsequently "began demanding that [WRI] indemnify it for
legal fees related to the [dispute]." From early 2014 to late 2019,
WRI paid BIAH $531,722.49 in indemnity payments.
BIAH argues the amended complaint does not state a claim under any
count because the allegations in the complaint do not enable the
court to draw the reasonable inference that BIAH is liable for the
misconduct alleged. Specifically, BIAH argues counts I, II, and III
do not state facially plausible claims for avoidance and recovery
of fraudulent transfers because the trustee does not sufficiently
allege that Western Robidoux Inc., received less than reasonably
equivalent value for transfers it made to BIAH or was insolvent
during the relevant periods. BIAH argues count IV does not state a
facially plausible claim for contractual indemnification because
the trustee does not allege WRI incurred any liability, and the
applicable statute of limitations bars the claim. Finally, BIAH
argues count V does not state a facially plausible claim for money
had and received because the trustee does not allege facts
sufficiently establishing that BIAH received a benefit unjustly.
Because the court determines the trustee sufficiently (1) alleges
lack of reasonably equivalent value and insolvency under counts I,
II, and III, and (2) states facially plausible claims for
contractual indemnification and money had and received under counts
IV and V, Judge Brian T. Fenimore of the United States Bankruptcy
Court for the Western District of Missouri denies BIAH's motion to
dismiss.
A full-text copy of the January 27, 2022 Order is available at
https://tinyurl.com/2p8fb9b8 from Leagle.com.
About Western Robidoux
Western Robidoux, Inc. is a family-owned commercial printing and
fulfillment company in St. Joseph, Mo., run by the Burri family for
more than 40 years.
Western Robidoux sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Mo. Case No. 19-50505) on Oct. 19,
2019. Connie S. Burri, president, signed the petition. At the
time of the filing, the Debtor had between $1 million and $10
million in both assets and liabilities.
Judge Brian T. Fenimore oversees the case.
The Debtor tapped Merrick, Baker & Strauss, P.C. as bankruptcy
counsel; German May, PC and Horn, Aylward, & Bandy, LLC as special
counsel; and Liechti, Franken & Young as accountant.
[*] Bankruptcy Filings Down 24% in Calendar Year 2021
-----------------------------------------------------
Bankruptcy filings fell again for the 12-month period ending Dec.
31, 2021. A steady decline in filings has continued since the
COVID-19 pandemic began.
Annual bankruptcy filings in calendar year 2021 totaled 413,616,
compared with 544,463 cases in 2020, according to statistics
released by the Administrative Office of the U.S. Courts. That is
a decrease of 24.0 percent.
Business filings fell 33.7 percent, from 21,655 to 14,347 in the
year ending Dec. 31, 2021. Non-business bankruptcy filings fell
23.6 percent, to 399,269 compared with 522,808 in the previous
year.
Unemployment temporarily spiked in March 2020, when the COVID-19
emergency intensified. However, several factors may have impacted
individuals' decisions about whether to file for bankruptcy since
the crisis began. For instance, increased government benefits and
moratoriums on evictions and certain foreclosures may have eased
financial pressures in many households.
[] U.S. Trustee Asks Supreme Court to Review Chapter 11 Fee Refund
------------------------------------------------------------------
Vince Sullivan of Law360 reports that the Office of the United
States Trustee asked the U.S. Supreme Court to take up its appeal
over a Tenth Circuit ruling from last 2021 that ordered a refund of
Chapter 11 debtor fees be paid to the trustee after finding a 2017
increase in those fees to be unconstitutional.
In a petition for a writ of certiorari docketed Friday, February 4,
2022, U.S. Solicitor General Elizabeth B. Prelogar said on behalf
of the U. S. trustee that the high court should consider the
constitutionality of the 2017 fee hike and, if it upholds the Tenth
Circuit's decision, whether refunding the difference in fees paid.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACCELERATE DIAGN AXDX* MM 81.2 (39.7) 64.0
AEMETIS INC DW51 GR 147.0 (132.1) (57.6)
AEMETIS INC AMTX US 147.0 (132.1) (57.6)
AEMETIS INC AMTXGEUR EZ 147.0 (132.1) (57.6)
AEMETIS INC AMTXGEUR EU 147.0 (132.1) (57.6)
AEMETIS INC DW51 GZ 147.0 (132.1) (57.6)
AEMETIS INC DW51 TH 147.0 (132.1) (57.6)
AEMETIS INC DW51 QT 147.0 (132.1) (57.6)
AERIE PHARMACEUT AERI US 351.8 (72.9) 157.8
AERIE PHARMACEUT AERIEUR EU 351.8 (72.9) 157.8
AERIE PHARMACEUT 0P0 GR 351.8 (72.9) 157.8
AERIE PHARMACEUT 0P0 TH 351.8 (72.9) 157.8
AERIE PHARMACEUT 0P0 QT 351.8 (72.9) 157.8
AERIE PHARMACEUT 0P0 GZ 351.8 (72.9) 157.8
ALPHA CAPITAL -A ASPC US 231.1 212.7 1.0
ALPHA CAPITAL AC ASPCU US 231.1 212.7 1.0
ALTENERGY ACQU-A AEAE US 0.5 (0.1) (0.1)
ALTENERGY ACQUIS AEAEU US 0.5 (0.1) (0.1)
ALTICE USA INC-A ATUS US 33,432.7 (1,132.7) (2,824.2)
ALTICE USA INC-A 15PA GR 33,432.7 (1,132.7) (2,824.2)
ALTICE USA INC-A 15PA TH 33,432.7 (1,132.7) (2,824.2)
ALTICE USA INC-A ATUSEUR EU 33,432.7 (1,132.7) (2,824.2)
ALTICE USA INC-A 15PA GZ 33,432.7 (1,132.7) (2,824.2)
ALTICE USA INC-A ATUS* MM 33,432.7 (1,132.7) (2,824.2)
ALTICE USA INC-A ATUS-RM RM 33,432.7 (1,132.7) (2,824.2)
ALTIRA GP-CEDEAR MOD AR 39,523.0 (1,606.0) (2,496.0)
ALTIRA GP-CEDEAR MOC AR 39,523.0 (1,606.0) (2,496.0)
ALTIRA GP-CEDEAR MO AR 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MO* MM 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC PHM7 TH 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MO TE 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MOEUR EU 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MO US 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MO SW 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC PHM7 GR 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC PHM7 GZ 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC 0R31 LI 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MO CI 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC ALTR AV 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MOUSD SW 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MOEUR EZ 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC PHM7 QT 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MO-RM RM 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP-BDR MOOO34 BZ 39,523.0 (1,606.0) (2,496.0)
AMC ENTERTAINMEN AMC US 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AH9 GR 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AMC4EUR EU 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AMC* MM 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AH9 TH 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AH9 QT 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AH9 GZ 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AMC-RM RM 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN A2MC34 BZ 11,057.5 (1,642.7) 173.8
AMERICAN AIR-BDR AALL34 BZ 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL US 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL* MM 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE A1G GR 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE A1G TH 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL11EUR EU 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL AV 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL TE 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE A1G SW 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE A1G GZ 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL11EUR EZ 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE A1G QT 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL-RM RM 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL_KZ KZ 66,442.0 (7,340.0) (1,669.0)
AMPLIFY ENERGY C AMPY US 405.9 (100.2) (69.3)
AMYRIS INC 3A01 GR 542.3 (53.3) (182.0)
AMYRIS INC 3A01 TH 542.3 (53.3) (182.0)
AMYRIS INC AMRS US 542.3 (53.3) (182.0)
AMYRIS INC 3A01 SW 542.3 (53.3) (182.0)
AMYRIS INC AMRSEUR EZ 542.3 (53.3) (182.0)
AMYRIS INC 3A01 QT 542.3 (53.3) (182.0)
AMYRIS INC AMRSEUR EU 542.3 (53.3) (182.0)
AMYRIS INC 3A01 GZ 542.3 (53.3) (182.0)
AMYRIS INC AMRS* MM 542.3 (53.3) (182.0)
APELLIS PHARMACE 1JK TH 525.7 (57.3) 381.2
APELLIS PHARMACE 1JK GR 525.7 (57.3) 381.2
APELLIS PHARMACE APLSEUR EU 525.7 (57.3) 381.2
APELLIS PHARMACE APLS US 525.7 (57.3) 381.2
APOLLO ENDOSURGE HQ8F GR 71.1 (0.1) 39.0
APOLLO ENDOSURGE APEN US 71.1 (0.1) 39.0
APOLLO ENDOSURGE APEN1EUR EU 71.1 (0.1) 39.0
APOLLO ENDOSURGE HQ8F TH 71.1 (0.1) 39.0
ARCH BIOPARTNERS ARCH CN 2.7 (3.9) (0.5)
ARCHIMEDES TECH ATSPU US 133.8 133.5 0.6
ARCHIMEDES- SUB ATSPT US 133.8 133.5 0.6
ARTERIS INC AIP US 40.6 (15.0) (12.2)
ATLAS TECHNICAL ATCX US 420.1 (144.9) 103.2
AUSTERLITZ ACQ-A AUS US 692.9 614.7 (5.4)
AUSTERLITZ ACQUI AUS/U US 692.9 614.7 (5.4)
AUTOZONE INC AZO US 14,460.9 (2,124.7) (1,738.7)
AUTOZONE INC AZ5 GR 14,460.9 (2,124.7) (1,738.7)
AUTOZONE INC AZ5 TH 14,460.9 (2,124.7) (1,738.7)
AUTOZONE INC AZOEUR EZ 14,460.9 (2,124.7) (1,738.7)
AUTOZONE INC AZ5 GZ 14,460.9 (2,124.7) (1,738.7)
AUTOZONE INC AZO AV 14,460.9 (2,124.7) (1,738.7)
AUTOZONE INC AZ5 TE 14,460.9 (2,124.7) (1,738.7)
AUTOZONE INC AZO* MM 14,460.9 (2,124.7) (1,738.7)
AUTOZONE INC AZOEUR EU 14,460.9 (2,124.7) (1,738.7)
AUTOZONE INC AZ5 QT 14,460.9 (2,124.7) (1,738.7)
AUTOZONE INC AZO-RM RM 14,460.9 (2,124.7) (1,738.7)
AUTOZONE INC-BDR AZOI34 BZ 14,460.9 (2,124.7) (1,738.7)
AVID TECHNOLOGY AVID US 248.9 (126.4) (6.5)
AVID TECHNOLOGY AVD GR 248.9 (126.4) (6.5)
AVID TECHNOLOGY AVD TH 248.9 (126.4) (6.5)
AVID TECHNOLOGY AVD GZ 248.9 (126.4) (6.5)
AVIS BUD-CEDEAR CAR AR 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CUCA GR 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CAR US 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CUCA TH 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CAR* MM 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CUCA QT 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CAR2EUR EU 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CUCA GZ 21,610.0 (198.0) (231.0)
BACKBLAZE INC-A BLZE US 60.4 (12.1) (32.1)
BANYAN ACQUISITI BYN/U US 0.4 (0.0) (0.4)
BATH & BODY WORK LTD0 GR 6,031.0 (1,675.0) 1,550.0
BATH & BODY WORK BBWI US 6,031.0 (1,675.0) 1,550.0
BATH & BODY WORK LTD0 TH 6,031.0 (1,675.0) 1,550.0
BATH & BODY WORK LBEUR EZ 6,031.0 (1,675.0) 1,550.0
BATH & BODY WORK BBWI* MM 6,031.0 (1,675.0) 1,550.0
BATH & BODY WORK LTD0 QT 6,031.0 (1,675.0) 1,550.0
BATH & BODY WORK BBWI AV 6,031.0 (1,675.0) 1,550.0
BATH & BODY WORK LBEUR EU 6,031.0 (1,675.0) 1,550.0
BATH & BODY WORK LTD0 GZ 6,031.0 (1,675.0) 1,550.0
BATH & BODY WORK BBWI-RM RM 6,031.0 (1,675.0) 1,550.0
BAUSCH HEALTH CO BHC CN 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO BHC US 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO BVF GR 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO BVF TH 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO BVF GZ 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO VRX1EUR EZ 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO VRX1EUR EU 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO BVF QT 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO VRX SW 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO BHCN MM 29,252.0 (135.0) (113.0)
BELLRING BRAND-A BRBR US 600.6 (46.9) 151.9
BELLRING BRAND-A BR6 TH 600.6 (46.9) 151.9
BELLRING BRAND-A BR6 GR 600.6 (46.9) 151.9
BELLRING BRAND-A BR6 GZ 600.6 (46.9) 151.9
BELLRING BRAND-A BRBR1EUR EU 600.6 (46.9) 151.9
BENEFITFOCUS INC BNFT US 252.4 (2.0) 65.9
BENEFITFOCUS INC BTF GR 252.4 (2.0) 65.9
BENEFITFOCUS INC BNFTEUR EU 252.4 (2.0) 65.9
BIGBEAR.AI HOLDI BBAI US 360.3 344.9 (1.1)
BIGBEAR.AI HOLDI 28K1 GR 360.3 344.9 (1.1)
BIGBEAR.AI HOLDI GIG2EUR EU 360.3 344.9 (1.1)
BIOCRYST PHARM BCRX US 265.8 (147.0) 119.1
BIOCRYST PHARM BO1 GR 265.8 (147.0) 119.1
BIOCRYST PHARM BO1 TH 265.8 (147.0) 119.1
BIOCRYST PHARM BO1 SW 265.8 (147.0) 119.1
BIOCRYST PHARM BCRXEUR EZ 265.8 (147.0) 119.1
BIOCRYST PHARM BO1 QT 265.8 (147.0) 119.1
BIOCRYST PHARM BCRXEUR EU 265.8 (147.0) 119.1
BIOCRYST PHARM BCRX* MM 265.8 (147.0) 119.1
BIOHAVEN PHARMAC BHVN US 1,131.2 (531.2) 482.1
BIOHAVEN PHARMAC 2VN GR 1,131.2 (531.2) 482.1
BIOHAVEN PHARMAC BHVNEUR EU 1,131.2 (531.2) 482.1
BIOHAVEN PHARMAC 2VN TH 1,131.2 (531.2) 482.1
BLUE BIRD CORP BLBD US 356.0 (32.7) 31.3
BLUE BIRD CORP 4RB GR 356.0 (32.7) 31.3
BLUE BIRD CORP 4RB GZ 356.0 (32.7) 31.3
BLUE BIRD CORP BLBDEUR EU 356.0 (32.7) 31.3
BLUE BIRD CORP 4RB TH 356.0 (32.7) 31.3
BLUE BIRD CORP 4RB QT 356.0 (32.7) 31.3
BLUEACACIA LTD BLEUU US 254.7 (7.8) (7.8)
BLUEACACIA LTD-A BLEU US 254.7 (7.8) (7.8)
BOEING CO-BDR BOEI34 BZ 138,552.0 (14,846.0) 26,674.0
BOEING CO-CED BAD AR 138,552.0 (14,846.0) 26,674.0
BOEING CO-CED BA AR 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA PE 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BOE LN 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BOEI BB 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA US 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BCO TH 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA SW 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA* MM 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA TE 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BCO GR 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BAEUR EU 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA EU 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA AV 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA CI 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA-RM RM 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BAUSD SW 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BCO GZ 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA EZ 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BAEUR EZ 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BCOD PO 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BCO QT 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BACL CI 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA_KZ KZ 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE TR TCXBOE AU 138,552.0 (14,846.0) 26,674.0
BOMBARDIER INC-B BBDBN MM 12,532.0 (3,211.0) 1,296.0
BRIDGEBIO PHARMA BBIOEUR EU 781.5 (735.9) 543.9
BRIDGEBIO PHARMA 2CL GZ 781.5 (735.9) 543.9
BRIDGEBIO PHARMA 2CL TH 781.5 (735.9) 543.9
BRIDGEBIO PHARMA BBIO US 781.5 (735.9) 543.9
BRIDGEBIO PHARMA 2CL GR 781.5 (735.9) 543.9
BRIDGEMARQ REAL BRE CN 84.3 (55.8) 9.9
BRIGHTSPHERE INV 2B9 GR 714.8 (17.6) -
BRIGHTSPHERE INV BSIGEUR EU 714.8 (17.6) -
BRIGHTSPHERE INV BSIG US 714.8 (17.6) -
BRINKER INTL EAT US 2,457.3 (327.4) (348.8)
BRINKER INTL BKJ GR 2,457.3 (327.4) (348.8)
BRINKER INTL BKJ TH 2,457.3 (327.4) (348.8)
BRINKER INTL EAT2EUR EU 2,457.3 (327.4) (348.8)
BRINKER INTL BKJ QT 2,457.3 (327.4) (348.8)
BRINKER INTL EAT2EUR EZ 2,457.3 (327.4) (348.8)
BROOKFIELD INF-A BIPC US 9,176.0 (1,148.0) (2,097.0)
BROOKFIELD INF-A BIPC CN 9,176.0 (1,148.0) (2,097.0)
BRP INC/CA-SUB V DOO CN 4,572.6 (226.8) 252.5
BRP INC/CA-SUB V B15A GR 4,572.6 (226.8) 252.5
BRP INC/CA-SUB V DOOO US 4,572.6 (226.8) 252.5
BRP INC/CA-SUB V B15A GZ 4,572.6 (226.8) 252.5
BRP INC/CA-SUB V DOOEUR EU 4,572.6 (226.8) 252.5
BRP INC/CA-SUB V B15A TH 4,572.6 (226.8) 252.5
CACTUS ACQUISITI CCTS US 0.2 (0.3) (0.3)
CACTUS ACQUISITI CCTSU US 0.2 (0.3) (0.3)
CALUMET SPECIALT CLMT US 1,833.9 (300.2) (273.4)
CARBON STREAMING OFSTF US - (0.5) (0.5)
CARBON STREAMING NETZ CN - (0.5) (0.5)
CARBON STREAMING M2Q GR - (0.5) (0.5)
CARBON STREAMING OFSTFEUR EU - (0.5) (0.5)
CARBON STREAMING M2Q GZ - (0.5) (0.5)
CASPER SLEEP INC CSPR US 220.0 (43.0) (23.9)
CEDAR FAIR LP FUN US 2,814.5 (682.6) 331.8
CENTRUS ENERGY-A 4CU TH 487.2 (229.1) 79.0
CENTRUS ENERGY-A 4CU GR 487.2 (229.1) 79.0
CENTRUS ENERGY-A LEU US 487.2 (229.1) 79.0
CENTRUS ENERGY-A LEUEUR EU 487.2 (229.1) 79.0
CENTRUS ENERGY-A 4CU GZ 487.2 (229.1) 79.0
CHOICE CONSOLIDA CDXX-U/U CN 173.8 (3.3) -
CHOICE CONSOLIDA CDXXF US 173.8 (3.3) -
CINEPLEX INC CPXGF US 2,108.8 (199.8) (351.0)
CINEPLEX INC CX0 GR 2,108.8 (199.8) (351.0)
CINEPLEX INC CGX CN 2,108.8 (199.8) (351.0)
CINEPLEX INC CX0 TH 2,108.8 (199.8) (351.0)
CINEPLEX INC CGXEUR EU 2,108.8 (199.8) (351.0)
CINEPLEX INC CGXN MM 2,108.8 (199.8) (351.0)
CINEPLEX INC CX0 GZ 2,108.8 (199.8) (351.0)
CLEARWATER AN-A CWAN US 326.6 242.4 272.9
COEPTIS THERAPEU COEP US 0.2 (0.6) (0.6)
COGENT COMMUNICA OGM1 GR 1,008.7 (356.8) 337.1
COGENT COMMUNICA CCOI US 1,008.7 (356.8) 337.1
COGENT COMMUNICA CCOIEUR EU 1,008.7 (356.8) 337.1
COGENT COMMUNICA CCOI* MM 1,008.7 (356.8) 337.1
COMMUNITY HEALTH CG5 GR 15,670.0 (1,000.0) 1,087.0
COMMUNITY HEALTH CYH US 15,670.0 (1,000.0) 1,087.0
COMMUNITY HEALTH CG5 QT 15,670.0 (1,000.0) 1,087.0
COMMUNITY HEALTH CYH1EUR EU 15,670.0 (1,000.0) 1,087.0
COMMUNITY HEALTH CG5 TH 15,670.0 (1,000.0) 1,087.0
COMMUNITY HEALTH CG5 GZ 15,670.0 (1,000.0) 1,087.0
CORESITE REALTY COR US 2,167.0 (9.8) -
CORESITE REALTY 07H GR 2,167.0 (9.8) -
COVEO SOLUTIONS CVO CN 176.5 (981.8) 87.8
CPI CARD GROUP I PMTS US 252.3 (122.5) 86.0
CRIXUS BH3 ACQ-A BHAC US 0.3 (0.0) (0.3)
CRIXUS BH3 ACQUI BHACU US 0.3 (0.0) (0.3)
D2L INC DTOL CN 123.1 (201.4) (224.6)
DECARBONIZATIO-A DCRD US 321.4 (57.0) 0.9
DECARBONIZATION DCRDU US 321.4 (57.0) 0.9
DEEP MEDICI-CL A DMAQ US 0.4 (0.1) 0.4
DELEK LOGISTICS DKL US 930.5 (104.8) (61.5)
DENNY'S CORP DENN US 411.0 (89.6) (43.5)
DENNY'S CORP DE8 GR 411.0 (89.6) (43.5)
DENNY'S CORP DE8 TH 411.0 (89.6) (43.5)
DENNY'S CORP DENNEUR EU 411.0 (89.6) (43.5)
DENNY'S CORP DE8 GZ 411.0 (89.6) (43.5)
DIALOGUE HEALTH CARE CN 142.0 126.1 112.3
DIEBOLD NIXDORF DBD GR 3,586.9 (863.5) 361.6
DIEBOLD NIXDORF DBD US 3,586.9 (863.5) 361.6
DIEBOLD NIXDORF DBD SW 3,586.9 (863.5) 361.6
DIEBOLD NIXDORF DBDEUR EU 3,586.9 (863.5) 361.6
DIEBOLD NIXDORF DBDEUR EZ 3,586.9 (863.5) 361.6
DIEBOLD NIXDORF DBD TH 3,586.9 (863.5) 361.6
DIEBOLD NIXDORF DBD QT 3,586.9 (863.5) 361.6
DIEBOLD NIXDORF DBD GZ 3,586.9 (863.5) 361.6
DIGITAL MEDIA-A DMS US 267.9 (46.2) 19.5
DINE BRANDS GLOB DIN US 1,922.5 (254.3) 148.7
DINE BRANDS GLOB IHP GR 1,922.5 (254.3) 148.7
DINE BRANDS GLOB IHP TH 1,922.5 (254.3) 148.7
DINE BRANDS GLOB IHP GZ 1,922.5 (254.3) 148.7
DMY TECHNOLOGY G DMYS US 0.5 (0.1) (0.5)
DMY TECHNOLOGY G DMYS/U US 0.5 (0.1) (0.5)
DOMINO'S P - BDR D2PZ34 BZ 1,764.4 (4,127.5) 429.6
DOMINO'S PIZZA EZV GR 1,764.4 (4,127.5) 429.6
DOMINO'S PIZZA EZV TH 1,764.4 (4,127.5) 429.6
DOMINO'S PIZZA DPZ US 1,764.4 (4,127.5) 429.6
DOMINO'S PIZZA DPZEUR EU 1,764.4 (4,127.5) 429.6
DOMINO'S PIZZA EZV GZ 1,764.4 (4,127.5) 429.6
DOMINO'S PIZZA DPZEUR EZ 1,764.4 (4,127.5) 429.6
DOMINO'S PIZZA DPZ AV 1,764.4 (4,127.5) 429.6
DOMINO'S PIZZA DPZ* MM 1,764.4 (4,127.5) 429.6
DOMINO'S PIZZA EZV QT 1,764.4 (4,127.5) 429.6
DOMINO'S PIZZA DPZ-RM RM 1,764.4 (4,127.5) 429.6
DOMO INC- CL B DOMO US 211.1 (112.6) (46.2)
DOMO INC- CL B 1ON GR 211.1 (112.6) (46.2)
DOMO INC- CL B DOMOEUR EU 211.1 (112.6) (46.2)
DOMO INC- CL B 1ON GZ 211.1 (112.6) (46.2)
DOMO INC- CL B 1ON TH 211.1 (112.6) (46.2)
DROPBOX INC-A DBX US 3,339.1 (162.6) 881.2
DROPBOX INC-A 1Q5 GR 3,339.1 (162.6) 881.2
DROPBOX INC-A 1Q5 SW 3,339.1 (162.6) 881.2
DROPBOX INC-A 1Q5 TH 3,339.1 (162.6) 881.2
DROPBOX INC-A 1Q5 QT 3,339.1 (162.6) 881.2
DROPBOX INC-A DBXEUR EU 3,339.1 (162.6) 881.2
DROPBOX INC-A DBX AV 3,339.1 (162.6) 881.2
DROPBOX INC-A DBXEUR EZ 3,339.1 (162.6) 881.2
DROPBOX INC-A DBX* MM 3,339.1 (162.6) 881.2
DROPBOX INC-A 1Q5 GZ 3,339.1 (162.6) 881.2
DROPBOX INC-A DBX-RM RM 3,339.1 (162.6) 881.2
EAST RESOURCES A ERESU US 345.3 (40.5) (40.5)
EAST RESOURCES-A ERES US 345.3 (40.5) (40.5)
EFFECTOR THERAPE EFTR US 59.9 (7.7) 12.6
EFFECTOR THERAPE LWK1 TH 59.9 (7.7) 12.6
EFFECTOR THERAPE EFTREUR EU 59.9 (7.7) 12.6
EFFECTOR THERAPE LWK1 GR 59.9 (7.7) 12.6
ENFUSION INC - A ENFN US 49.6 (59.8) 19.2
ESPERION THERAPE ESPR US 225.3 (362.7) 92.2
ESPERION THERAPE ESPREUR EZ 225.3 (362.7) 92.2
ESPERION THERAPE 0ET TH 225.3 (362.7) 92.2
ESPERION THERAPE ESPREUR EU 225.3 (362.7) 92.2
ESPERION THERAPE 0ET QT 225.3 (362.7) 92.2
ESPERION THERAPE 0ET GR 225.3 (362.7) 92.2
ESPERION THERAPE 0ET GZ 225.3 (362.7) 92.2
EXCELFIN ACQUI-A XFIN US 0.4 (0.2) (0.6)
EXCELFIN ACQUISI XFINU US 0.4 (0.2) (0.6)
EXPRESS INC EXPR US 1,324.1 (8.2) (112.7)
F45 TRAINING HOL FXLV US 166.6 110.9 59.9
F45 TRAINING HOL 4OP GR 166.6 110.9 59.9
F45 TRAINING HOL FXLVEUR EU 166.6 110.9 59.9
F45 TRAINING HOL 4OP TH 166.6 110.9 59.9
F45 TRAINING HOL 4OP GZ 166.6 110.9 59.9
F45 TRAINING HOL 4OP QT 166.6 110.9 59.9
FAIR ISAAC CORP FRI GR 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FICO US 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FRI GZ 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FRI QT 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FICO1* MM 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FICOEUR EZ 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FICOEUR EU 1,463.3 (538.3) 140.2
FARADAY FUTURE I FFIE US 229.9 (9.4) (2.4)
FERRELLGAS PAR-B FGPRB US 1,776.6 (196.4) 262.4
FERRELLGAS-LP FGPR US 1,776.6 (196.4) 262.4
FLUENCE ENERGY I FLNC US 717.7 (56.2) (110.0)
FOREST ROAD AC-A FRXB US 351.3 (26.2) 0.9
FOREST ROAD ACQ FRXB/U US 351.3 (26.2) 0.9
GAMES & ESPORTS GEEXU US 0.6 (0.0) (0.5)
GAMES & ESPORTS GEEX US 0.6 (0.0) (0.5)
GCM GROSVENOR-A GCMG US 512.9 (110.2) 174.7
GLOBAL CLEAN ENE GCEH US 352.9 (53.4) (50.1)
GLOBAL SPAC -SUB GLSPT US 169.8 (11.0) (5.4)
GLOBAL SPAC PART GLSPU US 169.8 (11.0) (5.4)
GLOBAL TECHNOL-A GTAC US 1.3 (0.1) (0.6)
GLOBAL TECHNOLOG GTACU US 1.3 (0.1) (0.6)
GODADDY INC -BDR G2DD34 BZ 7,298.0 (101.1) (715.5)
GODADDY INC-A GDDY US 7,298.0 (101.1) (715.5)
GODADDY INC-A 38D TH 7,298.0 (101.1) (715.5)
GODADDY INC-A 38D GR 7,298.0 (101.1) (715.5)
GODADDY INC-A 38D QT 7,298.0 (101.1) (715.5)
GODADDY INC-A GDDY* MM 7,298.0 (101.1) (715.5)
GODADDY INC-A 38D GZ 7,298.0 (101.1) (715.5)
GOGO INC GOGO US 443.2 (560.2) 20.1
GOGO INC G0G GR 443.2 (560.2) 20.1
GOGO INC GOGOEUR EU 443.2 (560.2) 20.1
GOGO INC G0G TH 443.2 (560.2) 20.1
GOGO INC G0G QT 443.2 (560.2) 20.1
GOGO INC G0G GZ 443.2 (560.2) 20.1
GOGREEN INVESTME GOGN/U US 0.3 (0.1) (0.3)
GOGREEN INVESTME GOGN US 0.3 (0.1) (0.3)
GOLDEN NUGGET ON GNOG US 289.0 (45.4) 106.9
GOLDEN NUGGET ON LCA2EUR EU 289.0 (45.4) 106.9
GOLDEN NUGGET ON 5ZU TH 289.0 (45.4) 106.9
GOOSEHEAD INSU-A GSHD US 247.1 (75.7) 16.8
GOOSEHEAD INSU-A 2OX GR 247.1 (75.7) 16.8
GOOSEHEAD INSU-A GSHDEUR EU 247.1 (75.7) 16.8
GOOSEHEAD INSU-A 2OX TH 247.1 (75.7) 16.8
GOOSEHEAD INSU-A 2OX QT 247.1 (75.7) 16.8
GORES HOLD VII-A GSEV US 551.9 515.7 (15.0)
GORES HOLDINGS V GSEVU US 551.9 515.7 (15.0)
GORES TECH-B GTPB US 461.7 425.9 (18.1)
GORES TECHNOLOGY GTPBU US 461.7 425.9 (18.1)
GRAPHITE BIO INC GRPH US 416.2 400.1 390.0
GREEN VISOR FI-A GVCI US 0.7 (0.1) (0.8)
GREEN VISOR FINA GVCIU US 0.7 (0.1) (0.8)
GREENSKY INC-A GSKY US 1,405.0 (74.5) 668.4
GULFPORT ENERGY GPOR US 2,088.2 49.0 (836.2)
GULFPORT ENERGY G2U0 GR 2,088.2 49.0 (836.2)
H&R BLOCK - BDR H1RB34 BZ 3,100.1 (372.7) 68.2
H&R BLOCK INC HRB TH 3,100.1 (372.7) 68.2
H&R BLOCK INC HRB US 3,100.1 (372.7) 68.2
H&R BLOCK INC HRB GR 3,100.1 (372.7) 68.2
H&R BLOCK INC HRBEUR EZ 3,100.1 (372.7) 68.2
H&R BLOCK INC HRB QT 3,100.1 (372.7) 68.2
H&R BLOCK INC HRBEUR EU 3,100.1 (372.7) 68.2
H&R BLOCK INC HRB GZ 3,100.1 (372.7) 68.2
H&R BLOCK INC HRB-RM RM 3,100.1 (372.7) 68.2
HAGERTY INC-A HGTY US 117.4 102.3 1.1
HERBALIFE NUTRIT HLF US 2,853.0 (1,333.4) 488.4
HERBALIFE NUTRIT HOO GR 2,853.0 (1,333.4) 488.4
HERBALIFE NUTRIT HOO GZ 2,853.0 (1,333.4) 488.4
HERBALIFE NUTRIT HOO TH 2,853.0 (1,333.4) 488.4
HERBALIFE NUTRIT HLFEUR EZ 2,853.0 (1,333.4) 488.4
HERBALIFE NUTRIT HLFEUR EU 2,853.0 (1,333.4) 488.4
HERBALIFE NUTRIT HOO QT 2,853.0 (1,333.4) 488.4
HEWLETT-CEDEAR HPQC AR 38,610.0 (1,650.0) (6,926.0)
HEWLETT-CEDEAR HPQD AR 38,610.0 (1,650.0) (6,926.0)
HEWLETT-CEDEAR HPQ AR 38,610.0 (1,650.0) (6,926.0)
HILTON WORLD-BDR H1LT34 BZ 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HLT US 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HI91 TH 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HI91 GR 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HLT* MM 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HLTEUR EU 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HLTEUR EZ 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HLTW AV 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HI91 TE 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HI91 QT 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HI91 GZ 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HLT-RM RM 15,314.0 (1,128.0) 72.0
HORIZON GLOBAL HZN US 468.3 (25.9) 115.3
HORIZON GLOBAL 2H6 GR 468.3 (25.9) 115.3
HORIZON GLOBAL HZN1EUR EU 468.3 (25.9) 115.3
HORIZON GLOBAL 2H6 GZ 468.3 (25.9) 115.3
HP COMPANY-BDR HPQB34 BZ 38,610.0 (1,650.0) (6,926.0)
HP INC HPQ TE 38,610.0 (1,650.0) (6,926.0)
HP INC HPQ US 38,610.0 (1,650.0) (6,926.0)
HP INC 7HP TH 38,610.0 (1,650.0) (6,926.0)
HP INC 7HP GR 38,610.0 (1,650.0) (6,926.0)
HP INC HPQ* MM 38,610.0 (1,650.0) (6,926.0)
HP INC 7HP GZ 38,610.0 (1,650.0) (6,926.0)
HP INC HPQEUR EU 38,610.0 (1,650.0) (6,926.0)
HP INC HPQ CI 38,610.0 (1,650.0) (6,926.0)
HP INC HPQUSD SW 38,610.0 (1,650.0) (6,926.0)
HP INC HPQEUR EZ 38,610.0 (1,650.0) (6,926.0)
HP INC HPQ AV 38,610.0 (1,650.0) (6,926.0)
HP INC HPQ SW 38,610.0 (1,650.0) (6,926.0)
HP INC 7HP QT 38,610.0 (1,650.0) (6,926.0)
HP INC HPQ-RM RM 38,610.0 (1,650.0) (6,926.0)
HPX CORP HPX US 253.9 (21.3) 0.4
HPX CORP HPX/U US 253.9 (21.3) 0.4
IMMUNITYBIO INC NK1EUR EU 214.4 (189.9) 29.0
IMMUNITYBIO INC 26CA GZ 214.4 (189.9) 29.0
IMMUNITYBIO INC NK1EUR EZ 214.4 (189.9) 29.0
IMMUNITYBIO INC IBRX US 214.4 (189.9) 29.0
IMMUNITYBIO INC 26CA GR 214.4 (189.9) 29.0
IMMUNITYBIO INC 26CA TH 214.4 (189.9) 29.0
IMMUNITYBIO INC 26CA QT 214.4 (189.9) 29.0
INFINITE AC-CL A NFNT US 0.4 (0.1) (0.5)
INFINITE ACQUISI NFNT/U US 0.4 (0.1) (0.5)
INSEEGO CORP INO TH 220.5 (15.3) 61.2
INSEEGO CORP INO QT 220.5 (15.3) 61.2
INSEEGO CORP INSG US 220.5 (15.3) 61.2
INSEEGO CORP INO GR 220.5 (15.3) 61.2
INSEEGO CORP INSGEUR EU 220.5 (15.3) 61.2
INSEEGO CORP INSGEUR EZ 220.5 (15.3) 61.2
INSEEGO CORP INO GZ 220.5 (15.3) 61.2
INSEEGO CORP INSG-RM RM 220.5 (15.3) 61.2
INSPIRED ENTERTA 4U8 GR 303.8 (120.9) 14.7
INSPIRED ENTERTA INSEEUR EU 303.8 (120.9) 14.7
INSPIRED ENTERTA INSE US 303.8 (120.9) 14.7
INSTADOSE PHARMA INSD US - (0.1) (0.1)
INTERCEPT PHARMA I4P TH 523.1 (156.0) 352.5
INTERCEPT PHARMA ICPT US 523.1 (156.0) 352.5
INTERCEPT PHARMA I4P GR 523.1 (156.0) 352.5
INTERCEPT PHARMA ICPT* MM 523.1 (156.0) 352.5
INTERCEPT PHARMA I4P GZ 523.1 (156.0) 352.5
J. JILL INC JILL US 466.2 (48.9) (20.2)
JACK IN THE BOX JACK US 1,750.1 (817.9) (160.1)
JACK IN THE BOX JBX GR 1,750.1 (817.9) (160.1)
JACK IN THE BOX JBX GZ 1,750.1 (817.9) (160.1)
JACK IN THE BOX JBX QT 1,750.1 (817.9) (160.1)
JACK IN THE BOX JACK1EUR EZ 1,750.1 (817.9) (160.1)
JACK IN THE BOX JACK1EUR EU 1,750.1 (817.9) (160.1)
JUNIPER II COR-A JUN US 12.5 (0.0) (0.4)
JUNIPER II CORP JUN/U US 12.5 (0.0) (0.4)
KARYOPHARM THERA KPTI US 254.1 (126.0) 172.7
KARYOPHARM THERA 25K GR 254.1 (126.0) 172.7
KARYOPHARM THERA 25K TH 254.1 (126.0) 172.7
KARYOPHARM THERA 25K QT 254.1 (126.0) 172.7
KARYOPHARM THERA 25K GZ 254.1 (126.0) 172.7
KARYOPHARM THERA KPTIEUR EU 254.1 (126.0) 172.7
KL ACQUISI-CLS A KLAQ US 288.6 267.7 0.7
KL ACQUISITION C KLAQU US 288.6 267.7 0.7
KNIGHTSCOPE IN-A KSCP US 17.5 (6.9) (6.6)
KNOWBE4 INC-A KNBE US 463.9 172.1 137.2
L BRANDS INC-BDR B1BW34 BZ 6,031.0 (1,675.0) 1,550.0
LDH GROWTH C-A LDHA US 232.6 216.7 2.1
LDH GROWTH CORP LDHAU US 232.6 216.7 2.1
LENNOX INTL INC LXI GR 2,171.9 (269.0) 348.3
LENNOX INTL INC LII US 2,171.9 (269.0) 348.3
LENNOX INTL INC LXI TH 2,171.9 (269.0) 348.3
LENNOX INTL INC LII* MM 2,171.9 (269.0) 348.3
LENNOX INTL INC LII1EUR EU 2,171.9 (269.0) 348.3
LESLIE'S INC LESL US 811.3 (381.3) 121.3
LESLIE'S INC LE3 GR 811.3 (381.3) 121.3
LESLIE'S INC LESLEUR EU 811.3 (381.3) 121.3
LESLIE'S INC LE3 TH 811.3 (381.3) 121.3
LESLIE'S INC LE3 QT 811.3 (381.3) 121.3
LIFESPEAK INC LSPK CN 83.9 54.0 67.5
LIFESPEAK INC 81F GR 83.9 54.0 67.5
LIFESPEAK INC LSPKEUR EU 83.9 54.0 67.5
LION ELECTRIC CO LEV US 551.0 332.8 386.7
LION ELECTRIC CO LEV CN 551.0 332.8 386.7
LION ELECTRIC CO 70U TH 551.0 332.8 386.7
LION ELECTRIC CO LEVEUR EU 551.0 332.8 386.7
LION ELECTRIC CO 70U GR 551.0 332.8 386.7
LION ELECTRIC CO 70U QT 551.0 332.8 386.7
LOWE'S COS INC LWE GR 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LOW US 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LWE TH 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LWE GZ 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LOW* MM 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LOWE AV 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LOWEUR EZ 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LWE QT 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LOWEUR EU 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LWE TE 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LOW-RM RM 49,400.0 (1,576.0) 4,015.0
LOWE'S COS-BDR LOWC34 BZ 49,400.0 (1,576.0) 4,015.0
MADISON SQUARE G MSG1EUR EU 1,349.4 (209.6) (233.2)
MADISON SQUARE G MS8 GR 1,349.4 (209.6) (233.2)
MADISON SQUARE G MSGS US 1,349.4 (209.6) (233.2)
MADISON SQUARE G MS8 TH 1,349.4 (209.6) (233.2)
MADISON SQUARE G MS8 QT 1,349.4 (209.6) (233.2)
MADISON SQUARE G MS8 GZ 1,349.4 (209.6) (233.2)
MAGNET FORENSICS MAGT CN 148.9 86.7 82.3
MAGNET FORENSICS 91T GR 148.9 86.7 82.3
MAGNET FORENSICS MAGTEUR EU 148.9 86.7 82.3
MAGNET FORENSICS MAGTF US 148.9 86.7 82.3
MANNKIND CORP NNFN TH 238.2 (184.7) 109.2
MANNKIND CORP MNKD US 238.2 (184.7) 109.2
MANNKIND CORP NNFN GR 238.2 (184.7) 109.2
MANNKIND CORP NNFN QT 238.2 (184.7) 109.2
MANNKIND CORP MNKDEUR EU 238.2 (184.7) 109.2
MANNKIND CORP NNFN GZ 238.2 (184.7) 109.2
MARKETWISE INC MKTW US 403.4 (441.9) (198.5)
MASON INDUS-CL A MIT US 502.3 (33.8) 1.7
MASON INDUSTRIAL MIT/U US 502.3 (33.8) 1.7
MATCH GROUP -BDR M1TC34 BZ 5,063.3 (194.6) 50.0
MATCH GROUP INC MTCH US 5,063.3 (194.6) 50.0
MATCH GROUP INC MTCH1* MM 5,063.3 (194.6) 50.0
MATCH GROUP INC 4MGN TH 5,063.3 (194.6) 50.0
MATCH GROUP INC 4MGN GR 5,063.3 (194.6) 50.0
MATCH GROUP INC 4MGN QT 5,063.3 (194.6) 50.0
MATCH GROUP INC MTC2 AV 5,063.3 (194.6) 50.0
MATCH GROUP INC 4MGN GZ 5,063.3 (194.6) 50.0
MATCH GROUP INC MTCH-RM RM 5,063.3 (194.6) 50.0
MBIA INC MBJ TH 4,816.0 (157.0) -
MBIA INC MBI US 4,816.0 (157.0) -
MBIA INC MBJ GR 4,816.0 (157.0) -
MBIA INC MBI1EUR EU 4,816.0 (157.0) -
MBIA INC MBJ QT 4,816.0 (157.0) -
MBIA INC MBJ GZ 4,816.0 (157.0) -
MCAFEE CORP - A MCFE US 3,484.0 (1,765.0) (398.0)
MCAFEE CORP - A MC7 GR 3,484.0 (1,765.0) (398.0)
MCAFEE CORP - A MCFEEUR EU 3,484.0 (1,765.0) (398.0)
MCAFEE CORP - A MC7 TH 3,484.0 (1,765.0) (398.0)
MCDONALD'S CORP TCXMCD AU 53,606.4 (4,601.0) 3,128.5
MCDONALDS - BDR MCDC34 BZ 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MCD US 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MCD SW 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MDO GR 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MCD* MM 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MCD TE 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MDO TH 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MCDEUR EU 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MDO GZ 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MCD AV 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MCD CI 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MCDUSD SW 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MCDEUR EZ 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP 0R16 LN 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MDO QT 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MCD-RM RM 53,606.4 (4,601.0) 3,128.5
MCDONALDS CORP MCDCL CI 53,606.4 (4,601.0) 3,128.5
MCDONALDS-CEDEAR MCD AR 53,606.4 (4,601.0) 3,128.5
MCDONALDS-CEDEAR MCDC AR 53,606.4 (4,601.0) 3,128.5
MCDONALDS-CEDEAR MCDD AR 53,606.4 (4,601.0) 3,128.5
MCKESSON CORP MCK* MM 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK GR 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK US 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK TH 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK GZ 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK1EUR EZ 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK1EUR EU 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK QT 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK-RM RM 63,708.0 (787.0) (954.0)
MCKESSON-BDR M1CK34 BZ 63,708.0 (787.0) (954.0)
MEDIAALPHA INC-A MAX US 245.5 (72.9) 46.6
MELI KASZEK PI-A MEKA US 10.7 (55.9) (6.6)
MEWCOURT ACQUISI NCACU US 0.2 (0.1) (0.3)
MINORITY EQUAL-A MEOA US 129.5 (18.8) 0.8
MINORITY EQUALIT MEOAU US 129.5 (18.8) 0.8
MONEYGRAM INTERN MGI US 4,483.9 (185.9) 18.3
MONEYGRAM INTERN 9M1N GR 4,483.9 (185.9) 18.3
MONEYGRAM INTERN 9M1N TH 4,483.9 (185.9) 18.3
MONEYGRAM INTERN MGIEUR EU 4,483.9 (185.9) 18.3
MONEYGRAM INTERN MGIEUR EZ 4,483.9 (185.9) 18.3
MONEYGRAM INTERN 9M1N QT 4,483.9 (185.9) 18.3
MOTOROLA SOL-BDR M1SI34 BZ 11,422.0 (248.0) 1,306.0
MOTOROLA SOL-CED MSI AR 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MTLA GR 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MOT TE 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MSI US 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MTLA TH 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MSI1EUR EU 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MTLA GZ 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MSI1EUR EZ 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MOSI AV 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MTLA QT 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MSI-RM RM 11,422.0 (248.0) 1,306.0
MSCI INC MSCI US 5,142.7 (280.0) 1,261.0
MSCI INC 3HM GR 5,142.7 (280.0) 1,261.0
MSCI INC 3HM QT 5,142.7 (280.0) 1,261.0
MSCI INC 3HM SW 5,142.7 (280.0) 1,261.0
MSCI INC 3HM GZ 5,142.7 (280.0) 1,261.0
MSCI INC MSCIEUR EZ 5,142.7 (280.0) 1,261.0
MSCI INC MSCI* MM 5,142.7 (280.0) 1,261.0
MSCI INC 3HM TH 5,142.7 (280.0) 1,261.0
MSCI INC MSCI AV 5,142.7 (280.0) 1,261.0
MSCI INC MSCI-RM RM 5,142.7 (280.0) 1,261.0
MSCI INC-BDR M1SC34 BZ 5,142.7 (280.0) 1,261.0
MUDRICK CAP ACQ MUDSU US 321.3 (33.8) (4.7)
MUDRICK CAPITA-A MUDS US 321.3 (33.8) (4.7)
NATHANS FAMOUS NATH US 114.5 (55.3) 48.2
NATHANS FAMOUS NFA GR 114.5 (55.3) 48.2
NATHANS FAMOUS NATHEUR EU 114.5 (55.3) 48.2
NEIGHBOURLY PHAR NBLY CN 514.2 318.1 84.8
NEW ENG RLTY-LP NEN US 288.9 (44.8) -
NEWCOURT ACQ-A NCAC US 0.2 (0.1) (0.3)
NOBLE CORP NE US 2,094.8 1,366.7 179.4
NOBLE CORP 85V0 GR 2,094.8 1,366.7 179.4
NOBLE CORP NE1EUR EZ 2,094.8 1,366.7 179.4
NOBLE CORP NE1EUR EU 2,094.8 1,366.7 179.4
NOBLE CORP 85V0 QT 2,094.8 1,366.7 179.4
NOBLE ROCK ACQ-A NRAC US 243.1 224.7 1.3
NOBLE ROCK ACQUI NRACU US 243.1 224.7 1.3
NORTHERN OIL AND NOG US 1,244.1 (157.7) (187.6)
NORTHERN OIL AND 4LT1 GR 1,244.1 (157.7) (187.6)
NORTHERN OIL AND NOG1EUR EU 1,244.1 (157.7) (187.6)
NORTHERN OIL AND 4LT1 TH 1,244.1 (157.7) (187.6)
NORTHERN OIL AND 4LT1 GZ 1,244.1 (157.7) (187.6)
NORTONLIFEL- BDR S1YM34 BZ 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I NLOK US 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYM TH 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYM GR 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYMC TE 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYMCEUR EU 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYM GZ 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYMC AV 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I NLOK* MM 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYMCEUR EZ 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYM QT 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I NLOK-RM RM 6,873.0 (98.0) (726.0)
NUTANIX INC - A 0NU GZ 2,254.6 (698.7) 647.6
NUTANIX INC - A 0NU GR 2,254.6 (698.7) 647.6
NUTANIX INC - A NTNXEUR EU 2,254.6 (698.7) 647.6
NUTANIX INC - A 0NU TH 2,254.6 (698.7) 647.6
NUTANIX INC - A 0NU QT 2,254.6 (698.7) 647.6
NUTANIX INC - A NTNXEUR EZ 2,254.6 (698.7) 647.6
NUTANIX INC - A NTNX US 2,254.6 (698.7) 647.6
NUTANIX INC - A NTNX-RM RM 2,254.6 (698.7) 647.6
O'REILLY AUT-BDR ORLY34 BZ 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT OM6 TH 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT OM6 GR 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT ORLY US 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT ORLYEUR EU 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT OM6 GZ 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT ORLY AV 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT ORLYEUR EZ 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT ORLY* MM 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT OM6 QT 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT ORLY-RM RM 11,789.4 (140.9) (1,427.5)
OMEROS CORP OMER US 123.4 (262.7) 48.5
OMEROS CORP 3O8 GR 123.4 (262.7) 48.5
OMEROS CORP 3O8 QT 123.4 (262.7) 48.5
OMEROS CORP 3O8 TH 123.4 (262.7) 48.5
OMEROS CORP OMEREUR EU 123.4 (262.7) 48.5
OMEROS CORP 3O8 GZ 123.4 (262.7) 48.5
OPTIVA INC OPT CN 95.5 (34.3) 27.5
OPY ACQUISIT-A OHAA US 0.2 (0.0) (0.2)
OPY ACQUISITION OHAAU US 0.2 (0.0) (0.2)
ORACLE BDR ORCL34 BZ 106,897.0 (9,658.0) 12,197.0
ORACLE CO-CEDEAR ORCLD AR 106,897.0 (9,658.0) 12,197.0
ORACLE CO-CEDEAR ORCLC AR 106,897.0 (9,658.0) 12,197.0
ORACLE CO-CEDEAR ORCL AR 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORC TH 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL TE 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL* MM 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL US 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORC GR 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORC GZ 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL CI 106,897.0 (9,658.0) 12,197.0
ORACLE CORP 0R1Z LN 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL AV 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCLUSD SW 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCLEUR EZ 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL SW 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCLEUR EU 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORC QT 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCLCL CI 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL-RM RM 106,897.0 (9,658.0) 12,197.0
ORACLE CORP TRAC TCXORC AU 106,897.0 (9,658.0) 12,197.0
ORGANON & CO OGN US 11,335.0 (1,618.0) 1,200.0
ORGANON & CO 7XP TH 11,335.0 (1,618.0) 1,200.0
ORGANON & CO OGN-WEUR EU 11,335.0 (1,618.0) 1,200.0
ORGANON & CO OGN* MM 11,335.0 (1,618.0) 1,200.0
ORGANON & CO 7XP GR 11,335.0 (1,618.0) 1,200.0
ORGANON & CO 7XP GZ 11,335.0 (1,618.0) 1,200.0
ORGANON & CO 7XP QT 11,335.0 (1,618.0) 1,200.0
ORGANON & CO OGN-RM RM 11,335.0 (1,618.0) 1,200.0
OTIS WORLDWI OTIS US 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI 4PG GR 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI OTISEUR EU 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI OTISEUR EZ 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI 4PG GZ 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI OTIS* MM 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI 4PG TH 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI 4PG QT 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI OTIS AV 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI OTIS-RM RM 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI-BDR O1TI34 BZ 12,279.0 (2,984.0) 2,014.0
PANAMERA HOLDING PHCI US 0.0 (0.1) (0.1)
PAPA JOHN'S INTL PZZA US 890.0 (129.5) (46.4)
PAPA JOHN'S INTL PP1 GR 890.0 (129.5) (46.4)
PAPA JOHN'S INTL PZZAEUR EU 890.0 (129.5) (46.4)
PAPA JOHN'S INTL PP1 GZ 890.0 (129.5) (46.4)
PAPA JOHN'S INTL PP1 TH 890.0 (129.5) (46.4)
PAPA JOHN'S INTL PP1 QT 890.0 (129.5) (46.4)
PAPA JOHN'S INTL PZZAEUR EZ 890.0 (129.5) (46.4)
PARATEK PHARMACE PRTK US 182.3 (105.0) 123.9
PARATEK PHARMACE N4CN GR 182.3 (105.0) 123.9
PARATEK PHARMACE N4CN TH 182.3 (105.0) 123.9
PARATEK PHARMACE N4CN GZ 182.3 (105.0) 123.9
PEPPERLIME HEA-A PEPL US 4.8 (0.0) (0.6)
PEPPERLIME HEALT PEPLU US 4.8 (0.0) (0.6)
PET VALU HOLDING PET CN 542.1 (152.2) 19.5
PHILIP MORRI-BDR PHMO34 BZ 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN 4I1 GR 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PM US 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PM1CHF EU 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PM1 TE 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN 4I1 TH 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PMI SW 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PM1EUR EU 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PMIZ IX 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PMIZ EB 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN 0M8V LN 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PMOR AV 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN 4I1 GZ 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PM1CHF EZ 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PM1EUR EZ 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PM* MM 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN 4I1 QT 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PM-RM RM 41,589.0 (8,632.0) (31.0)
PLANET FITNESS I P2LN34 BZ 1,949.7 (658.4) 468.9
PLANET FITNESS-A PLNT1EUR EU 1,949.7 (658.4) 468.9
PLANET FITNESS-A 3PL QT 1,949.7 (658.4) 468.9
PLANET FITNESS-A PLNT1EUR EZ 1,949.7 (658.4) 468.9
PLANET FITNESS-A PLNT US 1,949.7 (658.4) 468.9
PLANET FITNESS-A 3PL TH 1,949.7 (658.4) 468.9
PLANET FITNESS-A 3PL GR 1,949.7 (658.4) 468.9
PLANET FITNESS-A 3PL GZ 1,949.7 (658.4) 468.9
POTBELLY CORP PBPB US 256.8 (0.3) (44.6)
PROJECT ENERGY R PEGRU US 0.7 (0.0) (0.7)
PROJECT ENERGY R PEGR US 0.7 (0.0) (0.7)
QUANTUM CORP QNT2 GR 198.5 (116.0) (2.3)
QUANTUM CORP QMCO US 198.5 (116.0) (2.3)
QUANTUM CORP QTM1EUR EU 198.5 (116.0) (2.3)
QUANTUM CORP QNT2 TH 198.5 (116.0) (2.3)
QUANTUM CORP QNT2 GZ 198.5 (116.0) (2.3)
RADIUS HEALTH IN RDUS US 186.2 (242.5) 87.4
RADIUS HEALTH IN 1R8 TH 186.2 (242.5) 87.4
RADIUS HEALTH IN RDUSEUR EU 186.2 (242.5) 87.4
RADIUS HEALTH IN 1R8 QT 186.2 (242.5) 87.4
RADIUS HEALTH IN 1R8 GR 186.2 (242.5) 87.4
RAPID7 INC RPDEUR EU 1,260.9 (105.0) 17.4
RAPID7 INC R7D SW 1,260.9 (105.0) 17.4
RAPID7 INC RPD US 1,260.9 (105.0) 17.4
RAPID7 INC R7D GR 1,260.9 (105.0) 17.4
RAPID7 INC R7D TH 1,260.9 (105.0) 17.4
RAPID7 INC RPD* MM 1,260.9 (105.0) 17.4
RAPID7 INC R7D GZ 1,260.9 (105.0) 17.4
RAPID7 INC R7D QT 1,260.9 (105.0) 17.4
RCF ACQUISIT-A RCFA US 0.4 (0.0) (0.4)
RCF ACQUISIT-A GY0 GR 0.4 (0.0) (0.4)
RCF ACQUISIT-A RCFAEUR EU 0.4 (0.0) (0.4)
RCF ACQUISITION RCFA/U US 0.4 (0.0) (0.4)
REAL GOOD FOOD C RGF US 43.8 (52.3) (40.0)
RENT THE RUNWA-A RENT US 478.4 104.9 220.3
REVLON INC-A REV US 2,448.2 (2,066.3) 248.3
REVLON INC-A RVL1 GR 2,448.2 (2,066.3) 248.3
REVLON INC-A RVL1 TH 2,448.2 (2,066.3) 248.3
REVLON INC-A REVEUR EU 2,448.2 (2,066.3) 248.3
REVLON INC-A REV* MM 2,448.2 (2,066.3) 248.3
RIMINI STREET IN RMNI US 256.7 (160.2) (64.2)
RIMINI STREET IN 0QH GR 256.7 (160.2) (64.2)
RIMINI STREET IN RMNIEUR EU 256.7 (160.2) (64.2)
RIMINI STREET IN 0QH QT 256.7 (160.2) (64.2)
ROSE HILL ACQU-A ROSE US 0.4 (0.0) (0.4)
ROSE HILL ACQUIS ROSEU US 0.4 (0.0) (0.4)
RR DONNELLEY & S DLLN TH 3,093.4 (223.6) 502.9
RR DONNELLEY & S RRD US 3,093.4 (223.6) 502.9
RR DONNELLEY & S DLLN GR 3,093.4 (223.6) 502.9
RR DONNELLEY & S RRDEUR EU 3,093.4 (223.6) 502.9
RR DONNELLEY & S DLLN GZ 3,093.4 (223.6) 502.9
RYMAN HOSPITALIT 4RH GR 3,537.8 (27.1) (6.8)
RYMAN HOSPITALIT RHP US 3,537.8 (27.1) (6.8)
RYMAN HOSPITALIT RHPEUR EU 3,537.8 (27.1) (6.8)
RYMAN HOSPITALIT 4RH TH 3,537.8 (27.1) (6.8)
RYMAN HOSPITALIT 4RH QT 3,537.8 (27.1) (6.8)
SABRE CORP SABR US 5,442.9 (355.1) 830.9
SABRE CORP 19S GR 5,442.9 (355.1) 830.9
SABRE CORP 19S TH 5,442.9 (355.1) 830.9
SABRE CORP 19S QT 5,442.9 (355.1) 830.9
SABRE CORP SABREUR EU 5,442.9 (355.1) 830.9
SABRE CORP SABREUR EZ 5,442.9 (355.1) 830.9
SABRE CORP 19S GZ 5,442.9 (355.1) 830.9
SBA COMM CORP 4SB GR 9,668.1 (4,943.1) (188.2)
SBA COMM CORP SBAC US 9,668.1 (4,943.1) (188.2)
SBA COMM CORP 4SB GZ 9,668.1 (4,943.1) (188.2)
SBA COMM CORP 4SB TH 9,668.1 (4,943.1) (188.2)
SBA COMM CORP SBACEUR EZ 9,668.1 (4,943.1) (188.2)
SBA COMM CORP 4SB QT 9,668.1 (4,943.1) (188.2)
SBA COMM CORP SBACEUR EU 9,668.1 (4,943.1) (188.2)
SBA COMM CORP SBAC* MM 9,668.1 (4,943.1) (188.2)
SBA COMMUN - BDR S1BA34 BZ 9,668.1 (4,943.1) (188.2)
SCIENTIFIC GAMES SGMS US 7,850.0 (2,191.0) 1,077.0
SCIENTIFIC GAMES TJW GR 7,850.0 (2,191.0) 1,077.0
SCIENTIFIC GAMES TJW TH 7,850.0 (2,191.0) 1,077.0
SCIENTIFIC GAMES TJW GZ 7,850.0 (2,191.0) 1,077.0
SCIENTIFIC GAMES TJW QT 7,850.0 (2,191.0) 1,077.0
SCIENTIFIC GAMES SGMS1EUR EU 7,850.0 (2,191.0) 1,077.0
SCULPTOR ACQUI-A SCUA US 0.4 (0.0) (0.4)
SCULPTOR ACQUISI SCUA/U US 0.4 (0.0) (0.4)
SENSEONICS HLDGS SENS US 219.6 (266.6) 138.2
SHARECARE INC SHCR US 783.7 608.5 336.5
SHELL MIDSTREAM SHLX US 2,329.0 (469.0) 352.0
SHOALS TECHNOL-A SHLS US 382.8 (11.1) 73.1
SIDUS SPACE INC SIDU US 3.8 (1.6) 0.6
SINCLAIR BROAD-A SBGI US 12,845.0 (1,366.0) 1,652.0
SINCLAIR BROAD-A SBTA GR 12,845.0 (1,366.0) 1,652.0
SINCLAIR BROAD-A SBGIEUR EU 12,845.0 (1,366.0) 1,652.0
SINCLAIR BROAD-A SBTA GZ 12,845.0 (1,366.0) 1,652.0
SINCLAIR BROAD-A SBGIEUR EZ 12,845.0 (1,366.0) 1,652.0
SINCLAIR BROAD-A SBTA TH 12,845.0 (1,366.0) 1,652.0
SINCLAIR BROAD-A SBTA QT 12,845.0 (1,366.0) 1,652.0
SIRIUS XM HO-BDR SRXM34 BZ 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN SIRI US 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN RDO GR 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN RDO TH 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN SIRIEUR EU 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN RDO GZ 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN SIRI AV 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN SIRIEUR EZ 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN RDO QT 10,274.0 (2,625.0) (1,800.0)
SIRNAOMICS LTD 2257 HK 110.2 (94.2) 11.0
SIX FLAGS ENTERT 6FE GR 3,054.9 (452.1) 99.8
SIX FLAGS ENTERT SIX US 3,054.9 (452.1) 99.8
SIX FLAGS ENTERT SIXEUR EU 3,054.9 (452.1) 99.8
SIX FLAGS ENTERT 6FE QT 3,054.9 (452.1) 99.8
SIX FLAGS ENTERT 6FE TH 3,054.9 (452.1) 99.8
SKYWATER TECHNOL SKYT US 271.7 85.1 23.1
SLEEP NUMBER COR SNBR US 883.6 (440.1) (695.6)
SLEEP NUMBER COR SL2 GR 883.6 (440.1) (695.6)
SLEEP NUMBER COR SNBREUR EU 883.6 (440.1) (695.6)
SLEEP NUMBER COR SL2 TH 883.6 (440.1) (695.6)
SLEEP NUMBER COR SL2 QT 883.6 (440.1) (695.6)
SLEEP NUMBER COR SL2 GZ 883.6 (440.1) (695.6)
SMILEDIRECTCLUB SDC* MM 886.1 (45.7) 387.3
SOFTCHOICE CORP SFTC CN 513.3 45.8 (36.6)
SOFTCHOICE CORP 90Q GR 513.3 45.8 (36.6)
SOFTCHOICE CORP SFTCEUR EU 513.3 45.8 (36.6)
SOFTCHOICE CORP 90Q GZ 513.3 45.8 (36.6)
SONIDA SENIOR LI SNDA US 674.2 (153.6) (186.5)
SONIDA SENIOR LI 13C0 GR 674.2 (153.6) (186.5)
SONIDA SENIOR LI CSU2EUR EU 674.2 (153.6) (186.5)
SONIDA SENIOR LI 13C0 GZ 674.2 (153.6) (186.5)
SOUTHWESTRN ENGY SW5 TH 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SW5 GR 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SWN US 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SWN1EUR EZ 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SW5 QT 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SWN1EUR EU 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SW5 GZ 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SWN-RM RM 9,241.0 (286.0) (3,260.0)
SPRAGUE RESOURCE SRLP US 1,231.6 (101.9) (139.0)
SQUARESPACE -BDR S2QS34 BZ 905.8 (15.9) (41.3)
SQUARESPACE IN-A SQSP US 905.8 (15.9) (41.3)
SQUARESPACE IN-A 8DT GZ 905.8 (15.9) (41.3)
SQUARESPACE IN-A 8DT GR 905.8 (15.9) (41.3)
SQUARESPACE IN-A SQSPEUR EU 905.8 (15.9) (41.3)
SQUARESPACE IN-A 8DT TH 905.8 (15.9) (41.3)
SQUARESPACE IN-A 8DT QT 905.8 (15.9) (41.3)
STARBUCKS CORP SRB GR 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SRB TH 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX* MM 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX US 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX AV 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUXEUR EU 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX TE 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX IM 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX CI 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUXUSD SW 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SRB GZ 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUXEUR EZ 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP 0QZH LI 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX PE 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX SW 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SRB QT 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX-RM RM 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUXCL CI 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX_KZ KZ 28,833.9 (8,450.3) (1,666.0)
STARBUCKS-BDR SBUB34 BZ 28,833.9 (8,450.3) (1,666.0)
STARBUCKS-CEDEAR SBUX AR 28,833.9 (8,450.3) (1,666.0)
STARBUCKS-CEDEAR SBUXD AR 28,833.9 (8,450.3) (1,666.0)
TAILWIND INTERNA TWNI/U US 347.0 (22.0) 1.1
TAILWIND INTERNA TWNI US 347.0 (22.0) 1.1
TALON 1 ACQUIS-A TOAC US 0.4 (0.0) (0.4)
TALON 1 ACQUISIT TOACU US 0.4 (0.0) (0.4)
TASTEMAKER ACQ-A TMKR US 279.5 254.3 0.4
TASTEMAKER ACQUI TMKRU US 279.5 254.3 0.4
THUNDER BRIDGE C TBCPU US 414.9 394.0 (5.6)
THUNDER BRIDGE-A TBCP US 414.9 394.0 (5.6)
TKB CRITICAL T-A USCT US 0.5 (0.0) (0.5)
TKB CRITICAL TEC USCTU US 0.5 (0.0) (0.5)
TORRID HOLDINGS CURV US 636.3 (214.6) (31.5)
TPG INC TPG US 0.0 (0.0) 0.0
TPG INC B81 GR 0.0 (0.0) 0.0
TPG INC TPG1EUR EU 0.0 (0.0) 0.0
TRANSAT A.T. TRZ CN 1,897.7 (315.1) 89.7
TRANSDIGM - BDR T1DG34 BZ 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP TDG US 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP T7D GR 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP T7D TH 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP TDG* MM 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP TDGEUR EU 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP T7D QT 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP TDGEUR EZ 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP TDG-RM RM 19,315.0 (2,910.0) 5,367.0
TRANSPHORM INC TGAN US 14.3 (19.5) (11.7)
TRAVEL + LEISURE WD5A GR 6,601.0 (849.0) 658.0
TRAVEL + LEISURE TNL US 6,601.0 (849.0) 658.0
TRAVEL + LEISURE WD5A TH 6,601.0 (849.0) 658.0
TRAVEL + LEISURE 0M1K LI 6,601.0 (849.0) 658.0
TRAVEL + LEISURE WYNEUR EZ 6,601.0 (849.0) 658.0
TRAVEL + LEISURE WD5A QT 6,601.0 (849.0) 658.0
TRAVEL + LEISURE WYNEUR EU 6,601.0 (849.0) 658.0
TRAVEL + LEISURE WD5A GZ 6,601.0 (849.0) 658.0
TRISTAR ACQUISIT TRIS/U US 0.7 (0.1) (0.8)
TRISTAR ACQUISIT TRIS US 0.7 (0.1) (0.8)
TRIUMPH GROUP TG7 GR 1,800.7 (828.9) 419.4
TRIUMPH GROUP TGI US 1,800.7 (828.9) 419.4
TRIUMPH GROUP TG7 TH 1,800.7 (828.9) 419.4
TRIUMPH GROUP TGIEUR EU 1,800.7 (828.9) 419.4
TRIUMPH GROUP TG7 GZ 1,800.7 (828.9) 419.4
TUPPERWARE BRAND TUP GR 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP US 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP GZ 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP TH 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP1EUR EU 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP1EUR EZ 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP QT 1,207.7 (223.3) (461.6)
UBIQUITI INC UI US 890.8 (4.2) 418.7
UBIQUITI INC 3UB GR 890.8 (4.2) 418.7
UBIQUITI INC UBNTEUR EU 890.8 (4.2) 418.7
UBIQUITI INC 3UB TH 890.8 (4.2) 418.7
UNISYS CORP USY1 GR 2,321.4 (250.1) 463.6
UNISYS CORP USY1 TH 2,321.4 (250.1) 463.6
UNISYS CORP UIS US 2,321.4 (250.1) 463.6
UNISYS CORP UIS1 SW 2,321.4 (250.1) 463.6
UNISYS CORP UISEUR EU 2,321.4 (250.1) 463.6
UNISYS CORP UISCHF EU 2,321.4 (250.1) 463.6
UNISYS CORP USY1 GZ 2,321.4 (250.1) 463.6
UNISYS CORP USY1 QT 2,321.4 (250.1) 463.6
UNISYS CORP UISEUR EZ 2,321.4 (250.1) 463.6
UNISYS CORP UISCHF EZ 2,321.4 (250.1) 463.6
UNITI GROUP INC 8XC GR 4,784.3 (2,118.2) -
UNITI GROUP INC 8XC TH 4,784.3 (2,118.2) -
UNITI GROUP INC UNIT US 4,784.3 (2,118.2) -
UNITI GROUP INC 8XC GZ 4,784.3 (2,118.2) -
VAXXINITY INC-A VAXX US 134.9 93.6 73.4
VECTOR GROUP LTD VGR US 1,536.0 (573.1) 470.3
VECTOR GROUP LTD VGR GR 1,536.0 (573.1) 470.3
VECTOR GROUP LTD VGREUR EU 1,536.0 (573.1) 470.3
VECTOR GROUP LTD VGREUR EZ 1,536.0 (573.1) 470.3
VECTOR GROUP LTD VGR TH 1,536.0 (573.1) 470.3
VECTOR GROUP LTD VGR QT 1,536.0 (573.1) 470.3
VECTOR GROUP LTD VGR GZ 1,536.0 (573.1) 470.3
VENTYX BIOSCIENC VTYX US 148.7 136.9 133.9
VERA THERAPEUTIC VERA US 91.2 85.5 85.7
VERISIGN INC VRSN US 1,814.7 (1,417.6) 216.2
VERISIGN INC VRS GR 1,814.7 (1,417.6) 216.2
VERISIGN INC VRS TH 1,814.7 (1,417.6) 216.2
VERISIGN INC VRS GZ 1,814.7 (1,417.6) 216.2
VERISIGN INC VRSNEUR EU 1,814.7 (1,417.6) 216.2
VERISIGN INC VRSN* MM 1,814.7 (1,417.6) 216.2
VERISIGN INC VRSNEUR EZ 1,814.7 (1,417.6) 216.2
VERISIGN INC VRS QT 1,814.7 (1,417.6) 216.2
VERISIGN INC VRSN-RM RM 1,814.7 (1,417.6) 216.2
VERISIGN INC-BDR VRSN34 BZ 1,814.7 (1,417.6) 216.2
VERISIGN-CEDEAR VRSN AR 1,814.7 (1,417.6) 216.2
VINCO VENTURES I BBIG US 336.9 (172.0) 137.5
VIVINT SMART HOM VVNT US 2,916.4 (1,709.5) (508.5)
W&T OFFSHORE INC WTI US 1,243.3 (296.9) 2.8
W&T OFFSHORE INC UWV GR 1,243.3 (296.9) 2.8
W&T OFFSHORE INC WTI1EUR EU 1,243.3 (296.9) 2.8
W&T OFFSHORE INC UWV SW 1,243.3 (296.9) 2.8
W&T OFFSHORE INC UWV TH 1,243.3 (296.9) 2.8
W&T OFFSHORE INC UWV GZ 1,243.3 (296.9) 2.8
WALDENCAST ACQ-A WALD US 345.7 309.6 0.4
WALDENCAST ACQUI WALDU US 345.7 309.6 0.4
WARBURG PINCUS C WPCA/U US 285.7 (20.6) 1.5
WARBURG PINCUS-A WPCA US 285.7 (20.6) 1.5
WAVERLEY CAPIT-A WAVC US 217.2 (5.2) 2.3
WAVERLEY CAPITAL WAVC/U US 217.2 (5.2) 2.3
WAYFAIR INC- A W US 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A W* MM 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A 1WF QT 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A 1WF GZ 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A WEUR EZ 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A 1WF GR 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A 1WF TH 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A WEUR EU 4,466.2 (1,530.1) 924.7
WAYFAIR INC- BDR W2YF34 BZ 4,466.2 (1,530.1) 924.7
WEBER INC - A WEBR US 1,551.0 (121.3) 147.9
WINGSTOP INC WING1EUR EU 260.4 (314.1) 29.5
WINGSTOP INC WING US 260.4 (314.1) 29.5
WINGSTOP INC EWG GR 260.4 (314.1) 29.5
WINGSTOP INC EWG GZ 260.4 (314.1) 29.5
WINMARK CORP WINA US 55.0 (12.8) 33.6
WINMARK CORP GBZ GR 55.0 (12.8) 33.6
WORLDWIDE WEBB A WWACU US 0.7 (0.0) (0.7)
WORLDWIDE WEBB-A WWAC US 0.7 (0.0) (0.7)
WW INTERNATIONAL WW6 GR 1,467.9 (491.4) 53.5
WW INTERNATIONAL WW US 1,467.9 (491.4) 53.5
WW INTERNATIONAL WW6 TH 1,467.9 (491.4) 53.5
WW INTERNATIONAL WW6 SW 1,467.9 (491.4) 53.5
WW INTERNATIONAL WW6 GZ 1,467.9 (491.4) 53.5
WW INTERNATIONAL WTWEUR EZ 1,467.9 (491.4) 53.5
WW INTERNATIONAL WTW AV 1,467.9 (491.4) 53.5
WW INTERNATIONAL WTWEUR EU 1,467.9 (491.4) 53.5
WW INTERNATIONAL WW6 QT 1,467.9 (491.4) 53.5
WW INTERNATIONAL WW-RM RM 1,467.9 (491.4) 53.5
WYNN RESORTS LTD WYR TH 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYNN* MM 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYNN US 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYR GR 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYNNEUR EU 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYR GZ 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYNNEUR EZ 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYR QT 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYNN-RM RM 12,607.7 (592.6) 1,569.3
WYNN RESORTS-BDR W1YN34 BZ 12,607.7 (592.6) 1,569.3
XILIO THERAPEUTI XLO US 120.7 86.4 92.7
YELLOW CORP YELL US 2,425.6 (363.5) 219.4
YELLOW CORP YEL GR 2,425.6 (363.5) 219.4
YELLOW CORP YEL1 TH 2,425.6 (363.5) 219.4
YELLOW CORP YRCWEUR EZ 2,425.6 (363.5) 219.4
YELLOW CORP YEL QT 2,425.6 (363.5) 219.4
YELLOW CORP YRCWEUR EU 2,425.6 (363.5) 219.4
YELLOW CORP YEL GZ 2,425.6 (363.5) 219.4
YUM! BRANDS -BDR YUMR34 BZ 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC TGR TH 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC TGR GR 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC YUM US 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC TGR GZ 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC YUM* MM 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC YUMUSD SW 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC YUMEUR EZ 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC YUM AV 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC TGR TE 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC YUMEUR EU 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC TGR QT 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC YUM SW 6,419.0 (7,855.0) 707.0
YUM! BRANDS INC YUM-RM RM 6,419.0 (7,855.0) 707.0
ZETA GLOBAL HO-A ZETA US 354.3 55.8 95.4
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
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public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.
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*********
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Troubled Company Reporter is a daily newsletter co-published
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Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
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*** End of Transmission ***